# In the matter of Indo International Tobacco Limited

> NCLT judgment dated 2023-12-14. Citation: TCN-2023-NCLT-00233. The case involves an application (I.A./6036/ND/2022) filed by Mr. Harish Kumar Gupta, the…

- **Court:** NCLT
- **Order date:** 14 Dec 2023
- **Citation:** TCN-2023-NCLT-00233
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indo-international-tobacco-limited-10df8b51

## Summary

### Background

The case involves an application (I.A./6036/ND/2022) filed by Mr. Harish Kumar Gupta, the Resolution Professional (RP) of Indo International Tobacco Limited, seeking the initiation of liquidation proceedings for 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. The RP was appointed, and a public announcement was made. The Committee of Creditors (CoC) was constituted, and meetings were held to explore resolution options. However, no viable resolution plan was received, 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 on 23.06.2022, setting 06.07.2022 as the last date for submission of claims. The applicant received four claims from financial creditors. The Committee of Creditors (CoC) was constituted, and the IRP was confirmed as the Resolution Professional (RP) on 27.07.2022. An invitation for Expression of Interest (EOI) was published on 24.09.2022, with a deadline of 24.10.2022. Two EOIs were received, but neither provided the required Earnest Money Deposit (EMD). The RP found stock of finished goods (cigarettes) and smoking mixtures at the

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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 Adjudicating Authority considered the documents and submissions made and noted that

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC,

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**Application:** The CoC had decided to liquidate the Corporate Debtor, and the Adjudicating

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** SHRILL INVESTMENT…
- **Respondents:** Indo International…
- **Advocates:** Harish Kuma…; Abhishek…; +1 more

## Timeline

- **2022-06-20 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) against Indo International Tobacco Limited…
- **2022-06-23 — Public Annou…**: Public announcement was made, setting 06.07.2022 as the last date for submission of…

## 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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