# In the matter of ECI Infra Towers Company Private Limited IA (IBC) 197-2022 in CP (IB) No. 673-7-HDB-2019

> NCLT judgment dated 2023-02-28. Citation: TCN-2023-NCLT-04427. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLT-04427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eci-infra-towers-company-private-limited-ia-ibc-197-2022-in-cp-ib-no-673-7-hdb-2-e01ee406

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 33(2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of ECI Infra Towers Company Pvt Ltd, referred to as the 'Corporate Debtor'. Form G was issued to invite investors for resolution plans, but the sole EOI received was submitted beyond the due date. The Committee of Creditors (COC) then decided with 100% voting to liquidate the Corporate Debtor and directed the RP to file an application before the Adjudicating Authority.

## Facts

Bank of India is the Financial Creditor. ECI Infra Towers Company Pvt Ltd is the Corporate Debtor. An application was filed by the Resolution Professional (RP) under Section 33(2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. Form G was issued to call for investors for submission of Resolution Plans. An EOI was received from a Prospective Resolution Applicant, but it was submitted beyond the due date of 24.02.2022. The RP conducted the 11th COC meeting, where the COC members, with 100% voting, decided to liquidate the Corporate Debtor. The COC approved the estimated liquidation expenses, including the liquidator's fees, with 100% voting. The RP gave her written consent dated 26.02.2022 to act as

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The court reasoned that no resolution plan had been received within the maximum time

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when a resolution plan is

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**Application:** In this case, the court applied Section 33(2) because no resolution plan was

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Bank of…
- **Respondents:** ECI Infra Towers…

## Timeline

- **2022-02-24 — Due Date for Resolution…**: The due date for submission of…
- **2022-02-26 — RP's Consent to Act as…**: The Resolution Professional gave her…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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