# In the matter of Eurotas Infrastructure Limited

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01655. The case pertains to an application filed by the Resolution Professional (RP), Mr. Ram Singh…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eurotas-infrastructure-limited-6b879e90

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP), Mr. Ram Singh Setia, under Section 33(2) read with Section 34 of the Insolvency and Bankruptcy Code (IBC), 2016, and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking directions for the liquidation of the Corporate Debtor, Eurotas Infrastructure Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Eurotas Infrastructure Limited on 24.11.2020, following an application under Section 7 of the IBC by Axis Bank, a financial creditor. Mr. Ram Singh Setia was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The RP collated claims from creditors, constituted the Committee of

…

## Facts

Axis Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Eurotas Infrastructure Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 24.11.2020. Mr. Ram Singh Setia was appointed as the Resolution Professional (RP). The RP convened 18 meetings of the Committee of Creditors (CoC). The RP issued an Invitation for Expression of Interest (EOI) to solicit resolution plans. Two resolution applicants, Dickey Alternative Investment Trust (DAIT) and Ashtech India Limited, submitted resolution plans, but the CoC found them unsatisfactory. The CoC granted extensions for revised plans, but no revised plans were submitted. The CoC considered an offer from GCMPL for a one-time settlement (OTS) of Rs. 130 crores,

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Eurotas Infrastructure Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, provides that the Tribunal

…

**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 100% voting share in its

…

**Interpretation:** Section 33(2) grants the Tribunal the power to order liquidation when the CoC,

…

**Application:** In this case, the CoC, with 100% voting share, approved the liquidation.

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Axis Ban…
- **Respondents:** Eurotas Infrastruc…; Eurotas Infrastruc…

## Timeline

- **2020-11-24 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2020-12-17 — CoC Consti…**: Committee of Creditors (CoC) of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eurotas-infrastructure-limited-6b879e90