# In the matter of Indore Devas Tollways Limited

> NCLT judgment dated 2025-02-25. Citation: TCN-2025-NCLT-00440. The case pertains to IA(IBC)(Liq) No. 21/2024 filed in CP(IB) No. 398/7/HDB/2022 concerning…

- **Court:** NCLT
- **Order date:** 25 Feb 2025
- **Citation:** TCN-2025-NCLT-00440
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indore-devas-tollways-limited-e6ba2e3b

## Summary

### Background

The case pertains to IA(IBC)(Liq) No. 21/2024 filed in CP(IB) No. 398/7/HDB/2022 concerning M/s. Indore Dewas Tollways Limited, a corporate debtor. The application was filed by the Resolution Professional (RP) under Section 33 read with Section 34 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Madhu Sudhanarao Mallipaddi was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) decided to go for liquidation due to the absence of a viable resolution plan. The RP took steps, including issuing public announcements and inviting expressions of interest (EoI). Claims were received, and the CoC was constituted,

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## Facts

M/s. Indore Dewas Tollways Limited faced Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. Madhu Sudhanarao Mallipaddi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, consisting of Union Bank of India, Punjab National Bank, State Bank of India, and India Infrastructure Finance Corporation Limited. Several attempts were made to find a resolution plan, including inviting Expressions of Interest (EoI) and extending the CIRP period. A resolution plan was submitted by M/s. Anirudh Agro Farms Limited but was not approved by the CoC. The Corporate Debtor had claims against the National Highways Authority of India (NHAI) for

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## Issues and analysis

### Issue 1: Whether the application for liquidation of M/s. Indore Dewas Tollways Limited should be allowed …

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

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**Reasoning:** The court reasoned that the CoC had decided to liquidate the corporate debtor due to the

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**Interpretation:** Section 33 provides a mechanism for liquidation when resolution efforts fail,

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

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Madhu Sudhanarao…
- **Respondents:** Indore Dewas…; Union Bank of…

## Timeline

- **2023-10-31 — Appointment of Interim…**: Mr. Madhu Sudhanarao Mallipaddi was appointed as the Interim Resolution Professional…
- **2024-09-27 — CoC Decision for…**: On 27.09.2024, the CoC conducted its 14th meeting and decided to go for Liquidation 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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