# 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-03757. The application was filed by Mr. Suresh Chandra Pattnayak, the Resolution Professional of the…

- **Court:** NCLT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLT-03757
- **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-26-2-66bfb2c3

## Summary

### Background

The application was filed by Mr. Suresh Chandra Pattnayak, the Resolution Professional of the Corporate Debtor, Assotech Milan Resorts Pvt Ltd, for liquidation. The Corporate Insolvency Resolution Process (CIRP) against the corporate debtor was initiated under Section 9 of the IBC, 2016, and was admitted on 07.07.2022. The applicant was appointed as Interim Resolution Professional and later as Resolution Professional. The CoC approved filing for an extension of the CIRP period, which was granted until 03.04.2023. The CoC resolved to file for liquidation as no EOI was received and the corporate debtor was not a going concern.

## Facts

Ahluwalia Contracts (India) Limited (ACIL) initiated CIRP against Assotech Milan Resorts Pvt Ltd. The CIRP was admitted on 07.07.2022. Suresh Chandra Pattnayak was appointed as the Resolution Professional. The Committee of Creditors (CoC) was formed with Canara Bank of India as the sole financial creditor holding 100% voting rights. The suspended board of directors did not cooperate, hindering the process. The CoC approved filing for an extension of the CIRP period, which was granted until 03.04.2023. No Expression of Interest (EOI) was received, and the corporate debtor was deemed not a going concern. The CoC unanimously decided to file for liquidation. The Resolution Professional filed an application for liquidation under Section 33 of the IBC, 2016. The key fact is

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC, 2016 should be approved due to …

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

…

**Reasoning:** The CoC unanimously decided to file for liquidation as no EOI was received and the

…

**Interpretation:** Section 33 provides a mechanism for liquidation when the CIRP fails to achieve

…

**Application:** Since no resolution plan was received and the CoC unanimously decided to

…

## Parties

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

## Timeline

- **2016-01-01 — Insolvency and…**: The Insolvency and…
- **2022-07-07 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) against the corporate debtor was admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: 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-26-2-66bfb2c3