# In the matter of Isolux Corsan India Engineering & Construction Private Limited CA No.1079 of 2019 In CP (IB) No.97-Chd-Hry-2018

> NCLT judgment dated 2020-02-06. Citation: TCN-2020-NCLT-02054. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Isolux Corsan India…

- **Court:** NCLT
- **Order date:** 6 Feb 2020
- **Citation:** TCN-2020-NCLT-02054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/isolux-corsan-india-engineering-construction-private-limited-ca-no1079-of-2019-i-fc9a162d

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Isolux Corsan India Engineering & Construction Private Limited. The CIRP was initiated following a petition filed by Oriental Bank of Commerce under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-10-11. Vikram Kumar was appointed as the Resolution Professional (RP). Despite issuing invitations for Expression of Interest, no resolution plan was received within the stipulated time. The Committee of Creditors (CoC) convened several meetings, including the 14th meeting on 2019-11-08, where it was decided that Isolux should be liquidated as per Section 33(1)(a) of the Code. The CoC also discussed the appointment of a Liquidator but did not approve the

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## Facts

Oriental Bank of Commerce, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Isolux Corsan India Engineering & Construction Private Limited (Isolux). The CIRP was admitted on 2018-10-11. Vikram Kumar was appointed as the Resolution Professional (RP). Invitations for Expression of Interest were issued, but no resolution plan was received by the deadline. The Committee of Creditors (CoC) convened on 2019-11-08, deciding to liquidate Isolux under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The CoC did not approve the appointment of a Liquidator or the associated fees. The RP, Vikram Kumar, did not submit his written consent to act as a Liquidator under Section 34(1) of the Code. The Adjudicating Authority (AA)

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Isolux Corsan India Engineering & Construction Private Limited, …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, mandates that where the

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**Reasoning:** The court reasoned that the CIRP for Isolux had expired on 2019-07-08, and no resolution

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**Interpretation:** Section 33(1)(a) is interpreted to mean that liquidation is the default outcome

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**Application:** In this case, the CIRP for Isolux failed to produce a resolution plan despite

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Oriental Bank of…
- **Respondents:** Isolux Corsan…

## Timeline

- **2018-10-11 — CIRP Admi…**: Petition under Section 7 of the Code filed by Oriental Bank of Commerce was admitted,…
- **2018-12-06 — CoC Meet…**: In the second meeting of the Committee of Creditors (CoC), the applicant was continued as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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