# In the matter of Infra Dredge Services Private Limited

> NCLT judgment dated 2024-11-11. Citation: TCN-2024-NCLT-00275. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Infra…

- **Court:** NCLT
- **Order date:** 11 Nov 2024
- **Citation:** TCN-2024-NCLT-00275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/infra-dredge-services-private-limited-20529776

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Infra Dredge Services Private Limited. The CIRP was initiated following the admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. Public announcements were made to invite resolution plans. SSARVI Resolution Services LLP was appointed as the Resolution Professional. Despite several meetings of the Committee of Creditors (CoC) and the publication of Form G, no resolution plans were received.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Infra Dredge Services Private Limited following the admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional (IRP). Public announcements were made in Financial Express and Navakal newspapers. SSARVI Resolution Services LLP was appointed as the Resolution Professional. The last date for submission of Resolution Plan was 02nd September, 2024. No resolution plans were received. The Corporate Insolvency Resolution Process Period expired on 14.09.2024. The Committee of Creditors (CoC) held a meeting on 12.09.2024, where 62.01% voted in favor of liquidation, while 37.99% abstained. The applicant

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Infra Dredge Services Private Limited, should be liquidated due to …

**Ratio:** When the Corporate Insolvency Resolution Process (CIRP) period expires and no resolution

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**Reasoning:** The Committee of Creditors (CoC) voted in favor of liquidation, and no resolution plan

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016 provides for liquidation as a recourse

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**Application:** In this case, the CIRP period expired, and no resolution plan was received. The

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Edelweiss Asset…
- **Respondents:** INFRA DREDGE…
- **Advocates:** Sneha G…

## Timeline

- **2023-12-19 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2024-03-21 — Appointment of…**: SSARVI Resolution Services LLP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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