# In the matter of Orient Tourism Private Limited IA No. 1626 of 2021 in C.P. (IB) No. 1567-MB-2018

> NCLT judgment dated 2021-08-05. Citation: TCN-2021-NCLT-01442. The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 5 Aug 2021
- **Citation:** TCN-2021-NCLT-01442
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orient-tourism-private-limited-ia-no-1626-of-2021-in-cp-ib-no-1567-mb-2018-660b7fa1

## Summary

### Background

The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Orient Tourism Private Limited. The Tribunal had previously admitted a petition under Section 9 of the Code and initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. An Interim Resolution Professional (IRP), Mr. Anurag Jain, was appointed. A public announcement was made, claims were invited from creditors, and a Committee of Creditors (CoC) was constituted. The CoC initially approved the filing of an application for withdrawal of the CIRP under Section 12A of the Code, based on an application submitted by the Operational Creditor. However, the Tribunal rejected the withdrawal application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Orient Tourism Private Limited after the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC). Anurag Jain was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. An application for withdrawal of the CIRP was initially approved by the CoC but later rejected by the Tribunal. During the CIRP, the CoC discovered serious fraud in the Corporate Debtor's books of accounts, leading to a decision to discontinue the CIRP and proceed with liquidation. The suspended director of the Corporate Debtor requested the CoC to reconsider the liquidation decision, but the CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Orient Tourism Private Limited, …

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

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**Reasoning:** The CoC, after discovering serious fraud in the Corporate Debtor's books of accounts,

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CoC

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**Application:** The CoC's resolution, based on the discovery of fraud, provided sufficient

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## Parties

- **Judges:** Bhaskara Pantula…; Narender Kumar…
- **Appellants:** Anurag…
- **Respondents:** Orient Tourism…; Team Out…

## Timeline

- **2019-09-17 — Admission of…**: The Tribunal admitted the petition under Section 9 of the Code and initiated the…
- **2019-10-13 — Public Announcement by…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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