# 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-03765. The case involves an application for liquidation of the corporate debtor, Assotech Milan…

- **Court:** NCLT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLT-03765
- **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-e153d90a

## 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 Pattanayak 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. The CIRP period was extended by 90 days from 04.01.2023 till 03.04.2023.

## 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 Pattanayak 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. The suspended board of directors did not cooperate, hindering the process. No resolution plan was received. The CoC unanimously decided to file for liquidation. The corporate debtor was deemed not a going concern. Suresh Chandra Pattnayak was appointed as the liquidator. The application for liquidation was filed under Section 33 of the IBC, 2016.

## 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 if no

…

**Reasoning:** The Committee of Creditors (CoC) unanimously decided to file for liquidation as no

…

**Interpretation:** Section 33 of the IBC, 2016, provides a mechanism for liquidation when the CIRP

…

**Application:** In this case, the CoC's unanimous decision to file for liquidation, coupled

…

## Parties

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

## Timeline

- **2016-01-01 — Insolvency and…**: The Insolvency and…
- **2022-07-07 — CIRP Admi…**: 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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