# In the matter of International Trenching Private Limited

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01418. The case involves an application filed by Mrs. Deepika Bhugra Prasad, the Resolution…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01418
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/international-trenching-private-limited-666a0e6a

## Summary

### Background

The case involves an application filed by Mrs. Deepika Bhugra Prasad, the Resolution Professional of M/s. International Trenching Private Limited, seeking initiation of liquidation proceedings for the Corporate Debtor. This application was filed before the Adjudicating Authority under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, based on the decision taken by the Committee of Creditors (CoC) in its 13th meeting held on 12.03.2021. Prior to this, Mr. Sonal Anand, an Operational Creditor, had initiated Corporate Insolvency Resolution Process (CIRP) against M/s. International Trenching Private Limited under Section 9 of the Code, which was admitted by the Adjudicating Authority on 08.08.2019. The CoC disapproved the resolution for the appointment of IRP to

…

## Facts

Mr. Sonal Anand, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. International Trenching Private Limited ('Corporate Debtor') under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application on 08.08.2019. Mrs. Deepika Bhugra Prasad was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) disapproved the resolution for the appointment of IRP to RP with 100% votes. The IRP appointed M/s. Mahesh and Co. to conduct a forensic audit of the Corporate Debtor's accounts. The forensic Auditor submitted the Final Report on 31.05.2020. The IRP also appointed Registered Valuers to conduct the valuation of the assets of the Corporate Debtor. The CoC resolved to

…

## Issues and analysis

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

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

…

**Reasoning:** The Adjudicating Authority noted that no resolution plan was received to the Adjudicating

…

**Interpretation:** The interpretation of Section 33(1) is that if the CIRP fails to produce a

…

**Application:** Since no resolution plan was approved, and the CoC supported liquidation, the

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Sonal A…
- **Respondents:** M/s International…; Sumit B…

## Timeline

- **2019-08-08 — CIRP Init…**: The Adjudicating Authority admitted the application and initiated CIRP against the…
- **2019-08-24 — Public Annou…**: The IRP made a public announcement for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/international-trenching-private-limited-666a0e6a