# In the matter of STT Limited MA-1341-2019 in IBA-838-2019

> NCLT judgment dated 2019-12-10. Citation: TCN-2019-NCLT-00252. The case pertains to an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Dec 2019
- **Citation:** TCN-2019-NCLT-00252
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/stt-limited-ma-1341-2019-in-iba-838-2019-a469841f

## Summary

### Background

The case pertains to an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, STT Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 30.08.2019. The Committee of Creditors (CoC), comprising a sole Financial Creditor, passed a resolution in its 2nd CoC meeting held on 12.11.2019, suggesting the Resolution Professional to file an application for liquidation due to the absence of assets.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against STT Limited on 30.08.2019. The Committee of Creditors (CoC) consisted of a sole Financial Creditor. During the CIRP, it was discovered that the Corporate Debtor had no assets. Consequently, the CoC unanimously passed a resolution in its 2nd meeting on 12.11.2019, recommending the Resolution Professional to file an application before the Adjudicating Authority for liquidation. The Resolution Professional, Mr. P. Sriram, filed an application under Section 33(2) of the IBC seeking liquidation. The Adjudicating Authority, after reviewing the application and considering the CoC's resolution, determined that liquidation was appropriate due to the absence of assets.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, STT Limited, should …

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

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**Reasoning:** The Adjudicating Authority considered the CoC's unanimous resolution recommending

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CoC, after

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**Application:** The CoC, having determined that STT Limited had no assets, resolved to

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** P. SR…
- **Respondents:** STT Lim…

## Timeline

- **2019-08-30 — CIRP Init…**: The Adjudicating Authority admitted IBA/838/2019 and ordered the Corporate Insolvency and…
- **2019-11-12 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution suggesting the Resolution…

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