# In the matter of Global Towers Limited I.A. No. 2462 of 2020 In CP (IB) No. 3513 of 2018

> NCLT judgment dated 2022-07-15. Citation: TCN-2022-NCLT-01698. The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 15 Jul 2022
- **Citation:** TCN-2022-NCLT-01698
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/global-towers-limited-ia-no-2462-of-2020-in-cp-ib-no-3513-of-2018-8aa3e520

## Summary

### Background

The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Laxmikant Yeshwant Desai, the Resolution Professional (RP) of Global Towers Limited, seeking orders for the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of Company Petition No. 3513 of 2018 filed by the Operational Creditor under Section 9 of the Code. Several meetings of the Committee of Creditors (CoC) were held, and various steps were taken, including the appointment of independent valuers and consultants. However, no resolution plan was received, leading the CoC to approve the initiation of liquidation proceedings.

## Facts

The Resolution Professional (RP) of Global Towers Limited filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation orders for the Corporate Debtor. The CIRP was initiated based on a petition filed by the Operational Creditor, which was admitted on March 11, 2019. Ms. Dipti Mehta was initially appointed as the Interim Resolution Professional (IRP), but she was later replaced by Ms. Rajshree Pardia. The CIRP commenced on August 29, 2019, and a public announcement was made. Four meetings of the Committee of Creditors (CoC) were held. The CoC approved the appointment of Mr. Laxmikant Yeshwant Desai as the RP in its first meeting on September 27, 2019. The Corporate Debtor was ordered to undergo CIRP on December 10, 2019. Form G

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Global Towers Limited, should be liquidated under Section 33 of the …

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

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**Reasoning:** The court reasoned that since no resolution plan was received despite the completion of

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

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**Application:** In this case, the application of Section 33 is straightforward. The CIRP was

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Laxmikant…
- **Respondents:** Global Towers…; Ada Cellworks…
- **Advocates:** Pranav…

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No. 3513 of…
- **2019-03-11 — Admission of…**: Company Petition No. 3513 of 2018 filed by the Operational Creditor was admitted by the…

## 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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