# In the matter of ADAPTIO FACILITY MANAGEMENT PRIVATE LIMITED

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00133. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adaptio-facility-management-private-limited-7372290f

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Adaptio Facility Management Pvt Ltd. The CIRP was initiated on 2024-09-12, and Mrs. Satyadevi Alamuri was appointed as the Interim Resolution Professional (IRP). The Tribunal had ordered a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016, and directed the IRP to make a public announcement. The public announcement regarding the CIRP initiation was published on 2024-09-20. The last date for submission of claims was 2024-10-01.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Adaptio Facility Management Pvt Ltd on 2024-09-12. Mrs. Satyadevi Alamuri was appointed as the Interim Resolution Professional (IRP). A moratorium was ordered under Section 14 of the Insolvency and Bankruptcy Code, 2016. The public announcement regarding the CIRP initiation was published on 2024-09-20, with the last date for submission of claims fixed on 2024-10-01. The Committee of Creditors (CoC) held several meetings. In the 1st CoC meeting on 2024-10-16, liquidation was discussed due to the absence of employees and assets. The 2nd CoC meeting on 2024-11-15 approved the issuance of Form G and liquidation. The 3rd CoC meeting on 2024-12-02 decided to cancel Form G and proceed with liquidation.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Adaptio Facility Management Pvt …

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

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**Reasoning:** The Committee of Creditors (CoC) in its 3rd meeting held on 2024-12-02 unanimously

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**Interpretation:** Section 33(2) of the IBC allows the Adjudicating Authority to order the

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**Application:** The CoC unanimously resolved to liquidate Adaptio Facility Management Pvt Ltd.

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Apurva…
- **Respondents:** Adaptiio Facility…

## Timeline

- **2024-09-12 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Adaptio Facility…
- **2024-09-20 — Public Annou…**: Public announcement regarding the…

## 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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