# In the matter of Indo International Tobacco Limited

> NCLT judgment dated 2023-12-14. Citation: TCN-2023-NCLT-00253. The case involves an application (I.A./6036/ND/2022) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 14 Dec 2023
- **Citation:** TCN-2023-NCLT-00253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indo-international-tobacco-limited-0e1d76b7

## Summary

### Background

The case involves an application (I.A./6036/ND/2022) filed by the Resolution Professional (RP) of Indo International Tobacco Limited, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.06.2022, and Mr. Harish Kumar Gupta was appointed as the IRP. Public announcement was made, and four claims were received from financial creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to explore resolution options. However, efforts to find a resolution applicant were unsuccessful, leading the CoC to resolve for liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against Indo International Tobacco Limited was initiated on 20.06.2022. Mr. Harish Kumar Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and four claims were received from financial creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held. The CoC attempted to find a resolution applicant by inviting expressions of interest (EOI) and conducting e-auctions, but these efforts were unsuccessful. The CoC noted that the Corporate Debtor lacked plant and machinery, valid licenses, and manufacturing facilities, making a sale as a going concern unviable. The CoC resolved to liquidate the Corporate Debtor with 100% voting share. An additional

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The CoC, in its commercial wisdom, decided to take the Corporate Debtor into liquidation

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** The CoC, having failed to find a resolution applicant, resolved to liquidate

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** SHRILL INVESTMENT…
- **Respondents:** Indo International…

## Timeline

- **2021-01-01 — Filing of C.P.(IB)…**: The Company Petition (IB)…
- **2022-06-20 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) against Indo International Tobacco…

## 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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