# In the matter of Ezeego One Travel & Tours Limited I.A. No. 926 of 2023 In CP (IB) No. 03 of 2020

> NCLT judgment dated 2023-04-13. Citation: TCN-2023-NCLT-03806. The case pertains to an application under Section 33 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Apr 2023
- **Citation:** TCN-2023-NCLT-03806
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ezeego-one-travel-tours-limited-ia-no-926-of-2023-in-cp-ib-no-03-of-2020-66a302fa

## Summary

### Background

The case pertains to an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Gaurav Ashok Adukia, the Resolution Professional (RP) of Ezeego One Travel & Tours Limited, seeking orders for the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Company Petition No. 3 of 2020 filed by the Financial Creditor under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP). Public announcement was made inviting claims from creditors. A Committee of Creditors (CoC) was constituted, comprising ten Financial Creditors, and nine meetings were held during the CIRP. The CoC approved the appointment of Mr. Gaurav Ashok Adukia as

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## Facts

The case involves Ezeego One Travel & Tours Limited, a Corporate Debtor undergoing the Corporate Insolvency Resolution Process (CIRP). A Company Petition No. 3 of 2020 filed by the Financial Creditor under Section 7 of the Code was admitted by the Tribunal vide an Order dated 9th March 2021. Mr. Gaurav Ashok Adukia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC), consisting of ten Financial Creditors, held nine meetings. The CIRP period was extended due to the pandemic. Despite efforts, no resolution plan was received. Consequently, the CoC approved a resolution for liquidation with a 99.46% vote share. The RP then filed an application seeking liquidation orders. The key fact

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for the liquidation of the Corporate …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Tribunal considered the fact that no resolution plan was received during the CIRP,

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**Interpretation:** Section 33 is interpreted to mean that if the CIRP fails to produce a

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**Application:** Given that no resolution plan was received and the CoC approved liquidation,

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## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Gaurav Ashok…
- **Respondents:** Ezeego One Travel…; Yes Bank L…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No. 3 of 2020 filed by the Financial Creditor under Section 7 of the…
- **2021-03-09 — Petition Ad…**: Company Petition No. 3 of 2020…

## Legal provisions

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

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