# In the matter of EAP Infrastructure Pvt. Ltd. IA-IBC-899-CHE-2022 in IBA-1064-2019

> NCLT judgment dated 2022-11-23. Citation: TCN-2022-NCLT-00365. The application was filed by the Resolution Professional seeking an order for the liquidation…

- **Court:** NCLT
- **Order date:** 23 Nov 2022
- **Citation:** TCN-2022-NCLT-00365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eap-infrastructure-pvt-ltd-ia-ibc-899-che-2022-in-iba-1064-2019-fea261ed

## Summary

### Background

The application was filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, EAP Infrastructure India Pvt. Ltd., as resolved by the Committee of Creditors.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) for EAP Infrastructure India Pvt. Ltd. was initiated by an order dated September 2, 2021, in IBA/1064/2019. Subsequently, the applicant, Mr. Chandrasekhar Sagutoor, was appointed as the Interim Resolution Professional (IRP) in place of the previous IRP via an order dated April 5, 2022, in IA's/262 & 263 of 2022. He then filed the present application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the Corporate Debtor. The Committee of Creditors (CoC) for EAP Infrastructure India Pvt. Ltd. comprised two financial creditors: Indian Overseas Bank, holding 76.88% of the share in CoC, and Karur Vysya Bank Ltd, holding 23.12%. The 4th CoC meeting was held on May 23, 2022,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated as per the resolution passed by the Committee of …

**Ratio:** When the Committee of Creditors resolves with the requisite majority to liquidate the

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**Reasoning:** The Committee of Creditors (CoC) passed a resolution with 100% voting majority to

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**Interpretation:** The Tribunal interpreted Section 33(2) of the IBC, 2016, to mean that once the

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**Application:** Given the 100% voting majority by the CoC for liquidation and the Resolution

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…; +2 more
- **Appellants:** Chandrasekhar…; Resolution…
- **Respondents:** EAP Infrastructure…
- **Advocates:** Bhagavath K…; For Applicant:…

## Timeline

- **September 2, 2021 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **April 5, 2022 — IRP Repla…**: Applicant replaced the Interim Resolution Professional (IRP) vide order in IA's/262 & 263…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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