# In the matter of Atlasgold Townships (India) Pvt. Ltd. IA(IBC)-75-KOB-2021 in TIBA-19-KOB-2019

> NCLT judgment dated 2021-06-04. Citation: TCN-2021-NCLT-02027. The case involves an Interlocutory Application filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 4 Jun 2021
- **Citation:** TCN-2021-NCLT-02027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/atlasgold-townships-india-pvt-ltd-iaibc-75-kob-2021-in-tiba-19-kob-2019-71cd1bcc

## Summary

### Background

The case involves an Interlocutory Application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated by South Indian Bank Ltd against Atlas Gold Townships (India) Pvt Ltd under Section 7 of the IBC. The application was admitted by the Tribunal on November 19, 2019, and an Interim Resolution Professional was appointed. The promoters of the Corporate Debtor challenged the CIRP in the High Court of Kerala, which directed them to approach the NCLAT. The NCLAT dismissed their appeal. A public announcement was made for submission of claims. The Committee of Creditors (CoC) appointed Mr. Jasin Jose as the Resolution Professional. The CoC authorized South

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## Facts

South Indian Bank Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Atlas Gold Townships (India) Pvt Ltd under Section 7 of IBC. The application was admitted on November 19, 2019. The promoters of Atlas Gold Townships challenged the CIRP in the High Court of Kerala, but their appeal was dismissed by NCLAT on January 22, 2020. Public announcement was made for submission of claims under Section 15 of the Code. The first meeting of the Committee of Creditors (CoC) was held on March 9, 2020, where Jasin Jose was appointed as Resolution Professional. The CoC authorized South Indian Bank to file an application for replacement of the IRP by appointing Mr. Jasin Jose. The Tribunal passed orders approving the appointment of Jasin Jose as Resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Atlas Gold Townships (India) Pvt Ltd, should be put under …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC resolved with 96.09% voting share to liquidate the Corporate Debtor. The CIRP

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for the Adjudicating

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**Application:** In this case, the CoC resolved to liquidate the Corporate Debtor with a

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## Parties

- **Judges:** Ashok Kumar…
- **Respondents:** Atlas Gold…; South Indian Bank…

## Timeline

- **2019-11-19 — Admission of CIRP…**: The application for Corporate Insolvency Resolution Process filed by South Indian Bank…
- **2019-11-29 — High Court…**: The Hon'ble High Court ordered that the promoters have to approach the Hon'ble NCLAT for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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