# In the matter of Autocop (India) Pvt. Ltd. IA. No. 1562-2023 in CP(IB)No. 2043-MB-C-II-2018

> NCLT judgment dated 2023-05-19. Citation: TCN-2023-NCLT-03257. The case involves an application filed under Section 33 r/w Section 12 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 May 2023
- **Citation:** TCN-2023-NCLT-03257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/autocop-india-pvt-ltd-ia-no-1562-2023-in-cpibno-2043-mb-c-ii-2018-9d02226c

## Summary

### Background

The case involves an application filed under Section 33 r/w Section 12 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 11 of the National Company Law Tribunal Rules, 2016, by Mr. Amit C. Poddar, the Resolution Professional (RP) of Autocop (India) Private Limited. The RP sought a liquidation order and appointment as liquidator based on a resolution passed by the Committee of Creditors (CoC) in its 14th meeting held on 2023-03-27. The Corporate Insolvency Resolution Process (CIRP) had been initiated, and Mr. Madan Vaishnawa was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Amit C. Poddar as the RP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Autocop (India) Pvt. Ltd. The application for CIRP was admitted on 2022-03-16. Mr. Madan Vaishnawa was initially appointed as the Interim Resolution Professional (IRP), and later, Mr. Amit C. Poddar was appointed as the Resolution Professional (RP) with the approval of the Committee of Creditors (CoC). During the CIRP, 14 CoC meetings were held. The RP published Form-G twice, and three Expressions of Interest (EoIs) were received. The last date for submission of the Resolution Plan was extended by 15 days with the CoC's approval. A request for further extension of 15 days from C.E. Info Systems Limited was rejected by the CoC. Only one Resolution Plan was received from M/s Shanti G.D. Ispat &

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Autocop (India) Private Limited, …

**Ratio:** The ratio is based on the provisions of Section 33 of the Insolvency and Bankruptcy Code,

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**Reasoning:** The court reasoned that the statutory period of 330 days for the CIRP was coming to an

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**Interpretation:** The interpretation involves the application of Section 33 of the IBC, which

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Kuldip Kumar…; Shyam Babu…
- **Appellants:** Amit C. Pod…
- **Respondents:** Autocop India Pvt…; Goldsun Auto Pvt.…

## Timeline

- **2018-01-01 — CP(IB)No. 2043/MB/C-II/2…**: Filing of the Corporate Insolvency…
- **2022-03-16 — Admission o…**: The application for CIRP was…

## 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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