# In the matter of Tag Info Solutions India Private limited IA-1246-IB-2020 in CP-1487-IB-2018

> NCLT judgment dated 2021-08-03. Citation: TCN-2021-NCLT-01505. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Aug 2021
- **Citation:** TCN-2021-NCLT-01505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tag-info-solutions-india-private-limited-ia-1246-ib-2020-in-cp-1487-ib-2018-a8d2a805

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Tag Info Solutions India Private Limited. An earlier Section 7 application by the Financial Creditor led to the initiation of the Corporate Insolvency Resolution Process (CIRP) via a Tribunal order dated 2019-08-05. The applicant was appointed as the Interim Resolution Professional (IRP).

## Facts

A Section 7 application was filed by the Financial Creditor against the Corporate Debtor, M/s. Tag Info Solutions India Private Limited, leading to the initiation of CIRP via a Tribunal order dated 2019-08-05. The applicant was appointed as the Interim Resolution Professional (IRP). A public announcement was made under Section 15 of IBC, 2016, inviting claims. The CoC was initially constituted with a single Financial Creditor holding 100% voting share, later reconstituted with Indian Bank holding 66.71% and Dr. Palaniappan holding 33.29%. The Resolution Professional conducted six CoC meetings but faced non-cooperation from the promoters. The CoC unanimously resolved to liquidate the Corporate Debtor in its 6th meeting held on 2020-09-30. The Adjudicating Authority

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The CoC, in its 6th meeting, unanimously resolved to liquidate the Corporate Debtor due

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when CIRP fails. The

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**Application:** The CoC's decision to liquidate the Corporate Debtor, M/s. Tag Info Solutions

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** Navneeth Va…
- **Respondents:** M/s. Tag Info…

## Timeline

- **2019-08-05 — Tribunal…**: Tribunal order initiating the Corporate Insolvency Resolution Process (CIRP) in…
- **2019-08-07 — Public Annou…**: Public Announcement under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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