# In the matter of Assotech Milan Resorts Pvt. Ltd. IA. No. 21-CB-2023 in TP No. 211-CTB-2019, CP No. 26-2016- H.C

> NCLT judgment dated 2023-04-18. Citation: TCN-2023-NCLT-03745. The case involves an application for liquidation of the corporate debtor, Assotech Milan…

- **Court:** NCLT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLT-03745
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/assotech-milan-resorts-pvt-ltd-ia-no-21-cb-2023-in-tp-no-211-ctb-2019-cp-no-26-2-16b7cb01

## Summary

### Background

The case involves an application for liquidation of the corporate debtor, Assotech Milan Resorts Pvt Ltd, under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of IBC, 2016, and admitted by the Adjudicating Authority on 07.07.2022. Mr. Suresh Chandra Pattnayak was appointed as the Interim Resolution Professional and later as the Resolution Professional. The CoC was constituted with Canara Bank of India as the sole financial creditor. An application for extension of the CIRP period was approved, extending it until 03.04.2023. The CoC decided to file for liquidation as no resolution plan was received, and the corporate debtor was not a going concern.

## Facts

Ahluwalia Contracts (India) Limited (ACIL) initiated Corporate Insolvency Resolution Process (CIRP) against Assotech Milan Resorts Pvt Ltd. The CIRP was admitted on 07.07.2022. Suresh Chandra Pattnayak was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Canara Bank of India as the sole financial creditor holding 100% voting rights. The CIRP period was extended until 03.04.2023. Due to the non-cooperation of the suspended board of directors, the RP could not publish FORM G or appoint transaction auditors. No resolution plan was received. The CoC resolved to file an application for liquidation as the corporate debtor was not a going concern. The RP filed an application for liquidation under Section 33 of IBC, 2016. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Assotech Milan Resorts Pvt Ltd, …

**Ratio:** Section 33 of the IBC, 2016 allows for the initiation of liquidation proceedings when no

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**Reasoning:** The CoC, with a 100% vote, approved the filing of an application for liquidation as no

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**Interpretation:** Section 33 of the IBC provides a mechanism for liquidation when the CIRP fails

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**Application:** In this case, the CoC unanimously decided to file for liquidation because no

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Ahluwalia…
- **Respondents:** Assotech Milan…

## Timeline

- **2016-01-01 — Enactment of I…**: The Insolvency and…
- **2022-07-07 — Admission o…**: The Corporate Insolvency Resolution Process (CIRP) against Assotech Milan Resorts Pvt Ltd…

## 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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