# In the matter of Icoat Projects Private Limited I.A. No. 682 OF 2023 in CP(IB) No.157-09-HDB-2021

> NCLT judgment dated 26 May 2023. Citation: TCN-2023-NCLT-03159. This petition was filed by the Resolution Professional under Regulation 33(1) of the…

- **Court:** NCLT
- **Order date:** 26 May 2023
- **Citation:** TCN-2023-NCLT-03159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/icoat-projects-private-limited-ia-no-682-of-2023-in-cpib-no157-09-hdb-2021-abc91a0c

## Summary

### Background

This petition was filed by the Resolution Professional under Regulation 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the liquidation process for the Corporate Debtor, ICOAT Projects Private Limited, and to appoint Mr. Murali Mohan Chevuturi as the Liquidator. The Corporate Debtor had previously been admitted into the Corporate Insolvency Resolution Process (CIRP) by an order dated March 23, 2022, following a petition filed under Section 9 of the IBC by an Operational Creditor. The Operational Creditor had failed to propose an Interim Resolution Professional, leading the Tribunal to appoint Mr. Murali Mohan Chevuturi in that role.

## Facts

The Corporate Debtor, ICOAT Projects Pvt Ltd, was admitted into the Corporate Insolvency Resolution Process (CIRP) by an order dated March 23, 2022, under section 9 of the Insolvency and Bankruptcy Code 2016. The Operational Creditor failed to propose an Interim Resolution Professional, leading the Tribunal to appoint Mr. Murali Mohan Chevuturi as the Interim Resolution Professional, as per section 16(3)(a) of IBC.

The Resolution Professional made a public announcement on April 30, 2022, inviting claims and subsequently constituted the Committee of Creditors (CoC) on May 20, 2022. In the 3rd CoC meeting on July 13, 2022, Mr. Murali Mohan Chevuturi was appointed as the Resolution Professional to continue the CIRP proceedings.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, ICOAT Projects Private Limited, should be directed to undergo…

**Ratio:** When the Corporate Insolvency Resolution Process (CIRP) fails to yield an approved…

**Reasoning:** The Tribunal reasoned that the Corporate Insolvency Resolution Process (CIRP) had failed…

**Interpretation:** The Tribunal interpreted the provisions of the IBC, particularly those…

**Application:** Given that the CIRP period, including all extensions, had expired, and the…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Advocates:** For Applicant/Reso…; Varun Ambat…

## Timeline

- **March 23, 2022 — CIRP Ord…**: The Tribunal allowed the Company Petition and admitted ICOAT Projects Pvt Ltd into…
- **April 30, 2022 — Public Annou…**: The Resolution Professional made a public announcement inviting submissions and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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