# In the matter of Asia Telecom Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00943. The case involves an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asia-telecom-private-limited-ae4b8279

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Asia Telecom Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Operational Creditor, M/s. Uniword Telecom Limited, under Section 9 of the Code. The application was admitted by the NCLT, New Delhi Bench, on 01.07.2022. The IRP issued a public announcement and constituted a Committee of Creditors (CoC).

## Facts

M/s. Uniword Telecom Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Asia Telecom Private Limited, the Corporate Debtor. The application was admitted by the NCLT on 01.07.2022. Abhishek Anand was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement on 06.07.2022, calling for creditors to submit their claims. Only one claim was received from Uniword Telecom Limited for Rs. 1,86,00,000/-. The IRP verified the claim and constituted a Committee of Creditors (CoC). The CoC conducted five meetings. The CoC rejected a proposal to publish Form G. The CoC decided to liquidate the Corporate Debtor

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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 liquidation of

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**Reasoning:** The court reasoned that the Corporate Debtor had no assets and the CoC had decided to

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP is not viable

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**Application:** In this case, the Corporate Debtor had no assets, and the CoC decided to

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## Parties

- **Judges:** SHRI. BACHU…; SHRI. RAHUL…
- **Respondents:** M/S. ASIA TELECOM…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No. (IB)…
- **2022-07-01 — CIRP Application…**: The application for initiation of CIRP was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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