# In the matter of Consolidated Construction Consortium Limited 
IA-627-CHER-2023 in IBA-483-2020

> NCLT judgment dated 2023-05-12. Citation: TCN-2023-NCLT-03386. The case involves an application for liquidation of the Corporate Debtor, Consolidated…

- **Court:** NCLT
- **Order date:** 12 May 2023
- **Citation:** TCN-2023-NCLT-03386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/consolidated-construction-consortium-limited-ia-627-cher-2023-in-iba-483-2020-11caabad

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, Consolidated Construction Consortium Limited, filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP), Mr. Krishnasamy Vasudevan, filed the application. The CIRP was initiated on 2021-04-24. There were delays in filing the application, and the Registry of the Tribunal noted defects in the initial filing. Several attempts were made to find a resolution plan, including extending timelines for submission of resolution plans and reissuing expressions of interest. A settlement plan under Section 12A of the IBC was also submitted by the promoters but did not materialize. The CIRP timeline lapsed on 2022-09-12.

## Facts

The Corporate Debtor, Consolidated Construction Consortium Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2021-04-24. Mr. Krishnasamy Vasudevan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several attempts were made to find a resolution plan, including issuing expressions of interest (EOI) and extending timelines for submission. M/s PNC Infrastructure Limited showed initial interest but did not submit a resolution plan. Five EOIs were received, but only three parties met the eligibility criteria. The last date for submission of resolution plans was extended multiple times, but no plans were received. A settlement plan under Section 12A of the IBC was submitted by the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Consolidated Construction …

**Ratio:** Section 33(1) of the IBC, 2016, mandates the Adjudicating Authority to order liquidation

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**Reasoning:** The Tribunal reasoned that the CIRP timeline had lapsed on 2022-09-12, and no resolution

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**Interpretation:** Section 33(1) is interpreted strictly to mean that if the CIRP timeline expires

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**Application:** In this case, the CIRP timeline had lapsed, and no resolution plan was received

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** Krishnasamy…
- **Respondents:** Consolidated…

## Timeline

- **2021-04-24 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Consolidated Construction…
- **2021-04-24 — Public Annou…**: Public announcement caused by the…

## 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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