# In the matter of Antony Projects Private Limited MA-11-IB-2019 In CP-610-(B)-CB-2017

> NCLT judgment dated 2019-01-22. Citation: TCN-2019-NCLT-05201. The case involves M/s. Antony Projects Private Limited, which was undergoing Corporate…

- **Court:** NCLT
- **Order date:** 22 Jan 2019
- **Citation:** TCN-2019-NCLT-05201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/antony-projects-private-limited-ma-11-ib-2019-in-cp-610-b-cb-2017-160c172b

## Summary

### Background

The case involves M/s. Antony Projects Private Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) as per the order dated 26.03.2018. The Insolvency and Bankruptcy Board of India (IBBI) was requested to recommend an Interim Resolution Professional (IRP). Mr. Velli Paramasivan was recommended as IRP. Subsequently, the Tribunal recommended the applicant's name for acting as the IRP, and Mr. Mohan Kumar was appointed as the Resolution Professional (RP) on 17.04.2018. The RP obtained approval for an extension of the moratorium period. The Committee of Creditors (CoC) was constituted, including home buyers as financial creditors. The RP appointed two government-approved valuers to assess the value of unsold apartments.

## Facts

M/s. Antony Projects Private Limited was undergoing CIRP. The IBBI was requested to recommend an IRP, leading to the appointment of Mr. Velli Paramasivan and later Mr. Mohan Kumar as RP. The RP sought an extension of the moratorium period. The CoC included home buyers as financial creditors. The RP appointed valuers for unsold apartments. Advertisements for resolution plans were unsuccessful. The CIRP was expiring, and the CoC concluded that no resolution plan was feasible due to infrastructure issues. The CoC requested liquidation. The Tribunal ordered liquidation, appointed Mrs. Aruna Ramachandran as Liquidator, and lifted the moratorium. The order was communicated to relevant authorities.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Antony Projects Private Limited, should be liquidated due to the …

**Ratio:** Section 33 of the I&B Code, 2016, allows the Adjudicating Authority to order

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**Reasoning:** The CoC unanimously agreed that there was no scope for a resolution plan due to the

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation when CIRP fails.

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**Application:** Given the CoC's decision and the lack of viable resolution plans, the Tribunal

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Sanjiv…
- **Respondents:** M/s. Antony…

## Timeline

- **2018-03-26 — CIRP Comm…**: CIRP commenced for M/s.…
- **2018-03-06 — Tribunal Recom…**: Tribunal recommended the applicant's name…

## 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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