# In the matter of Modi Telecommunications Ltd. IA No. 364-2021 in CP (IB) No. 265-Chd-Hry-2019

> NCLT judgment dated 2022-01-24. Citation: TCN-2022-NCLT-04378. The case pertains to IA No. 364/2021 in CP (IB) No. 265/Chd/Hry/2019, an admitted matter under…

- **Court:** NCLT
- **Order date:** 24 Jan 2022
- **Citation:** TCN-2022-NCLT-04378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/modi-telecommunications-ltd-ia-no-364-2021-in-cp-ib-no-265-chd-hry-2019-08caddcc

## Summary

### Background

The case pertains to IA No. 364/2021 in CP (IB) No. 265/Chd/Hry/2019, an admitted matter under the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, Modi Telecommunications Ltd., had initiated the CIRP process under Section 10 of the IBC, 2016, which was admitted on 24.01.2020. Mr. Atul Mittal was appointed as the Interim Resolution Professional (IRP). The IRP filed an application to liquidate the Corporate Debtor under Section 33(1) of the IBC, 2016.

## Facts

Modi Telecommunications Ltd. is the Corporate Debtor undergoing CIRP. The CIRP was initiated under Section 10 of the IBC, 2016, and admitted on 24.01.2020. Mr. Atul Mittal was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements inviting creditors to submit claims, with a deadline of 07.02.2020. The IRP communicated the CIRP initiation to ICICI Bank and the Department of Telecommunications. Despite these efforts, no claims were received from any creditors. Consequently, a Committee of Creditors (CoC) could not be formed, and a 'NIL' report was filed on 20.02.2020. The IRP submitted progress reports to the Tribunal. The IRP also gave his consent to be appointed as the liquidator. The Department of Telecommunications, despite being

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Modi Telecommunications Limited, should be liquidated under Section …

**Ratio:** Section 33(1) of the IBC, 2016, stipulates that where the Adjudicating Authority does not

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**Reasoning:** The Tribunal observed that despite the initiation of the CIRP and efforts made by the

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**Interpretation:** Section 33(1) provides a clear directive for liquidation when the CIRP fails to

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**Application:** In this case, the IRP's efforts to invite claims and form a CoC were

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Modi Telecommunica…; Yogendra Kumar…
- **Advocates:** Vipul J…

## Timeline

- **2019-01-01 — CP (IB) No. 265/Chd/Hry/…**: Filing of CP (IB) No.…
- **2020-01-24 — Admission o…**: The petition for initiation of CIRP process by the Corporate Debtor under Section 10 of…

## 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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