# In the matter of Infiniti Techlabs LLP

> NCLT judgment dated 2023-07-07. Citation: TCN-2023-NCLT-02615. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 7 Jul 2023
- **Citation:** TCN-2023-NCLT-02615
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/infiniti-techlabs-llp-bd36acde

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Infiniti Techlabs L.L.P. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor (CD) vide order dated March 10, 2023. Mr. Kedari Narasimha was initially appointed as Interim Resolution Professional (IRP) and was later replaced by Rachamallu Ramachandra Reddy. After assuming charge, the IRP constituted a Committee of Creditors (CoC). The registered office of the CD was found to be locked, and the company had ceased operations since 2021. The IRP informed the CoC that there was a credit balance of Rs. 6,79,010/- in the CD's current account and

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Infiniti Techlabs L.L.P. on March 10, 2023. Kedari Narasimha was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Rachamallu Ramachandra Reddy. Upon assuming charge, the IRP formed a Committee of Creditors (CoC). The company's registered office was locked, and operations had ceased since 2021. The IRP informed the CoC of a credit balance of Rs. 6,79,010/- in the company's account and the ownership of a car hypothecated to HDFC Bank, which the IRP took control of. The Applicant/RP assumed charge on April 24, 2023, and confirmed the locked office and lack of operations. The Securities and Financial Valuers submitted reports indicating meager asset

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

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

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**Reasoning:** The court reasoned that despite all possible steps taken during the CIRP, the CoC did not

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**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP process fails to produce

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**Application:** In this case, the Resolution Professional filed the application under Section

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Mr.Rachamallu…
- **Respondents:** M/s Infinit…; Vedavyas G…

## Timeline

- **2023-03-10 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate…
- **2023-04-21 — Appointment…**: Rachamallu Ramachandra Reddy replaced Kedari Narasimha as the Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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