# In the matter of BTT Industries Private Limited

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02436. The case involves an application filed by Mr. G. Murali, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/btt-industries-private-limited-7ae6d97d

## Summary

### Background

The case involves an application filed by Mr. G. Murali, the Resolution Professional (RP) of M/s. BTT Industries Pvt Ltd (Corporate Debtor), under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Liquidation Proceedings of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.10.2019. The Committee of Creditors (CoC) was formed with two operational creditors, V.S. Rao & Co and TSSPDCL, Mahabubnagar. The RP did not issue a public announcement of Invitation for Expression of Interest (EOI) because the CoC did not approve it, citing a lack of assets in the Corporate Debtor.

## Facts

Mr. G. Murali, the Resolution Professional (RP) of M/s. BTT Industries Pvt Ltd (Corporate Debtor), filed an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Liquidation Proceedings of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.10.2019. The Committee of Creditors (CoC) was formed with two operational creditors, V.S. Rao & Co and TSSPDCL, Mahabubnagar. The RP did not issue a public announcement of Invitation for Expression of Interest (EOI) because the CoC did not approve it, citing a lack of assets in the Corporate Debtor. There was no Invitation for EOI issued by the Applicant, no resolution plan for Corporate Debtor was received by the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor should be approved under Section …

**Ratio:** Section 33(1)(a) of the IBC allows the Adjudicating Authority to order the liquidation of

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**Reasoning:** The court noted that no Invitation for Expression of Interest (EOI) was issued, and

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**Interpretation:** The court interpreted Section 33(1)(a) of the IBC as providing a basis for

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**Application:** The court applied the ratio by acknowledging that the conditions for

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** G. Mu…
- **Respondents:** BTT Industries…; Committee of…

## Timeline

- **2019-10-15 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…
- **2020-12-15 — Application for…**: The present Application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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