# In the matter of Abhijeet Hazaribagh Toll Road Limited IA(IBC)-756(KB)2022 in CP(IB)-2074(KB)2019

> NCLT judgment dated 2022-11-07. Citation: TCN-2022-NCLT-00518. The case involves an application (IA(IBC)/756(KB)2022) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 7 Nov 2022
- **Citation:** TCN-2022-NCLT-00518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhijeet-hazaribagh-toll-road-limited-iaibc-756kb2022-in-cpib-2074kb2019-01317820

## Summary

### Background

The case involves an application (IA(IBC)/756(KB)2022) filed by the Resolution Professional (RP) of Abhijeet Hazaribagh Toll Road Limited, the Corporate Debtor, seeking liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2022-01-07. Mr. Nirmal Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 2022-02-05. The Committee of Creditors (CoC) was constituted on 2022-02-28. Expression of Interest (Eol) was invited on 2022-05-16, but no Eol was received. The CoC recommended liquidation due to the absence of substantial assets and the Corporate Debtor not being a going concern for the past 7 years. An exclusion of 27 days was granted, ending the CIRP period on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Abhijeet Hazaribagh Toll Road Limited on 2022-01-07. Nirmal Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 2022-02-05, inviting Expression of Interest (Eol) from prospective resolution applicants. The Committee of Creditors (CoC) was duly constituted on 2022-02-28. Despite inviting Eols, no resolution plan was received. The CoC, noting the absence of substantial assets and the Corporate Debtor's non-operational status for the past 7 years, recommended liquidation. The CIRP period ended on 2022-08-01 after an exclusion of 27 days was granted. The RP submitted his consent to act as

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order liquidation of the Corporate Debtor in the absence …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates the Adjudicating

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**Reasoning:** The Adjudicating Authority reasoned that no resolution plan was received, and the CoC

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**Interpretation:** Section 33 of the Code provides a clear framework for liquidation in cases

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**Application:** In this case, no resolution plan was received, and the CoC approved

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Sanjeev Kumar…
- **Respondents:** Abhijeet Hazaribag…
- **Advocates:** Ms Deebaleena…; Mr Mohit…

## Timeline

- **2022-01-07 — CIRP Init…**: Adjudicating authority ordered initiation…
- **2022-01-07 — Appointment…**: Mr. Nirmal Kumar Agarwal appointed as the…

## Legal provisions

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

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