# In the matter of Air Odisha Aviation Private Limited IA No. 340-CB-2020 in TP No. 33-CTB-2019 {earlier CP (IB) No. 94-KB-2019}

> NCLT judgment dated 2021-09-13. Citation: TCN-2021-NCLT-01135. The case involves an application filed under Section 33 read with Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 13 Sept 2021
- **Citation:** TCN-2021-NCLT-01135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/air-odisha-aviation-private-limited-ia-no-340-cb-2020-in-tp-no-33-ctb-2019-earli-01221f36

## Summary

### Background

The case involves an application filed under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of a liquidation process for Air Odisha Aviation Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 27.09.2019. The Interim Resolution Professional (IRP), Mr. Manoj Kumar Jain, was appointed. He later expressed his inability to continue due to health reasons. The Committee of Creditors (CoC) then decided to proceed with the liquidation of the Corporate Debtor due to the failure of a settlement agreement and the Corporate Debtor's inactivity.

## Facts

1. An application was filed under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, for initiating the liquidation process of Air Odisha Aviation Private Limited.
2. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Air Odisha Aviation Private Limited on 27.09.2019.
3. Mr. Manoj Kumar Jain was appointed as the Interim Resolution Professional (IRP).
4. The IRP received only one claim from Sangeeta Aviation Services Pvt. Ltd, the Financial Creditor.
5. The IRP informed the Committee of Creditors (CoC) about his inability to continue as the Resolution Professional due to health issues.
6. A settlement agreement dated 10.12.2019 between the Financial Creditor and the Corporate Debtor failed because a

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Air Odisha …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) voted with 100% share to liquidate the Corporate Debtor

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** The CoC's decision to liquidate Air Odisha Aviation Private Limited, coupled

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Manoj Kuma…
- **Respondents:** Air Odisha…
- **Advocates:** Patit Pawan…; Yahya Bata…

## Timeline

- **2019-09-27 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2019-09-30 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement as per Section 15 in…

## 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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