# In the matter of Prathyusha Resources & Infra Private Limited IA No. 60-2022 in CP (IB) No. 27-7-AMR-2020

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-04622. The case pertains to an application filed by the Resolution Professional under Sections 33 &…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-04622
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/prathyusha-resources-infra-private-limited-ia-no-60-2022-in-cp-ib-no-27-7-amr-20-2a1729a9

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Sections 33 & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Prathyusha Resources & Infra Private Limited, and the appointment of Mr. K. Sivalingam as Liquidator.

## Facts

The NCLT, Amaravati admitted the petition under Section 7 of the IBC on 03.11.2021, initiating CIRP for M/s. Prathyusha Resources & Infra Private Limited.

Mr. K. Sivalingam was appointed as the Interim Resolution Professional (IRP).

The IRP issued a public announcement on 06.11.2021 and constituted a Committee of Creditors (CoC) on 24.11.2021.

Several CoC meetings were held, but no viable resolution plan was received.

The CoC resolved to liquidate the Corporate Debtor in the 5th CoC meeting held on 03.03.2022.

The CoC fixed the liquidator's fee at Rs.1,50,000/- per month for the purpose of going concern sale for a period of 90 days.

The NCLT allowed the application and appointed Mr. K. Sivalingam as the Liquidator.

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

**Ratio:** Based on the facts presented and the CoC's decision to liquidate the Corporate Debtor due

…

**Reasoning:** The CoC, in its wisdom, resolved with a 100% voting share in favor of the liquidation of

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**Interpretation:** The Adjudicating Authority interpreted the relevant sections of the IBC and the

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**Application:** The Adjudicating Authority applied the provisions of Section 33 and 34 of the

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** K. Sival…
- **Respondents:** Pratyusha…
- **Other parties:** Amara…
- **Advocates:** M.Sri…

## Timeline

- **2021-11-03 — Admission of…**: The NCLT, Amaravati admitted the…
- **2021-11-06 — Public Annou…**: The Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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