# In the matter of Hi Tech Air Power Private Limited

> NCLT judgment dated 2025-02-03. Citation: TCN-2025-NCLT-00538. The application I.A (Liq.) No.13 of 2024 was filed on 24.10.2024 by Shri TVS Siva Prasad, the…

- **Court:** NCLT
- **Order date:** 3 Feb 2025
- **Citation:** TCN-2025-NCLT-00538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hi-tech-air-power-private-limited-4b228763

## Summary

### Background

The application I.A (Liq.) No.13 of 2024 was filed on 24.10.2024 by Shri TVS Siva Prasad, the Resolution Professional of M/s. Hi-Tech Air Power Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor and the appointment of Shri TVS Siva Prasad as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Mr. Harish B & Ors. under Section 7 of the Code, which was admitted on 12.01.2024. Initially, Shri Nagaraj Emmadi was appointed as the Interim Resolution Professional (IRP), but he expressed his inability to continue, leading to the appointment of Shri TVS Siva Prasad as the IRP on 03.06.2024. The IRP issued a public announcement

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## Facts

Mr. Harish B & Ors. filed a Company Petition (C.P (IB) No.91/BB/2023) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Hi-Tech Air Power Private Limited (Corporate Debtor). The petition was admitted on 12.01.2024. Shri Nagaraj Emmadi was initially appointed as the Interim Resolution Professional (IRP), but he expressed his inability to continue. Subsequently, Shri TVS Siva Prasad was appointed as the IRP on 03.06.2024. Shri TVS Siva Prasad issued a public announcement on 01.07.2024 and constituted the Committee of Creditors (CoC) on 22.07.2024. The first meeting of the CoC was held on 29.07.2024. The CoC, in its second meeting held on 10.09.2024, unanimously resolved to initiate the

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court considered that the application was filed by the Resolution Professional, Shri

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**Interpretation:** Section 33(2) provides a mechanism for initiating liquidation when the CoC

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**Application:** The court applied Section 33(2) to the facts of the case, noting that the CoC

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## Parties

- **Judges:** K. Bi…; RAVICHANDRAN…
- **Appellants:** TVS Siva…
- **Respondents:** Hi-Tech Air Power…; M/s. Hi-Tech Air…

## Timeline

- **2023-01-01 — Filing of Company…**: Mr. Harish B & Ors. filed C.P (IB)…
- **2024-01-12 — Admission of Company…**: The Company Petition was…

## 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)

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