# In the matter of AMW Motors Limited

> NCLT judgment dated 2023-07-28. Citation: TCN-2023-NCLT-02299. The case involves an application filed by the Resolution Professional (RP) of AMW Motors…

- **Court:** NCLT
- **Order date:** 28 Jul 2023
- **Citation:** TCN-2023-NCLT-02299
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amw-motors-limited-198b0f16

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of AMW Motors Limited under Section 33 read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 01.09.2020, following an application by Indian Overseas Bank under Section 7 of the IBC, 2016. Several meetings of the Committee of Creditors (CoC) were conducted, and various resolution plans were considered, including one by Gladiator Consortium, which was ultimately rejected. Subsequently, an application for liquidation was filed on 20.09.2021. During the pendency of the liquidation application, Triton Electric Vehicle LLC submitted a resolution plan

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## Facts

AMW Motors Limited was admitted into CIRP on 01.09.2020 based on an application by Indian Overseas Bank under Section 7 of the IBC, 2016. Mr. Avil Menezes was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public announcement in Form-A in newspapers. Claims were filed by various creditors, including financial creditors, employees, workmen, and operational creditors. The Committee of Creditors (CoC) was formed, comprising several financial creditors with varying voting shares. The CoC conducted multiple meetings to discuss the CIRP, corporate structure, financial position, and resolution plans. Gladiator Consortium submitted a resolution plan, which was rejected by the CoC with 99.12% votes.

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## Issues and analysis

### Issue 1: Whether the failure of the successful resolution applicant to implement the approved resolution …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The court reasoned that Triton Electric Vehicle LLC, the successful resolution applicant,

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**Interpretation:** Section 33(3) is interpreted to mean that any deviation from the approved

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**Application:** In this case, the failure of Triton Electric Vehicle LLC to infuse funds as per

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** Avil Menezes…
- **Respondents:** AMW Motors…

## Timeline

- **2020-09-01 — Admission in…**: Corporate Debtor admitted into CIRP by the Adjudicating Authority based on application by…
- **2020-09-03 — Public Annou…**: IRP made public announcement…

## 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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