# In the matter of Opto Infrrastructure Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02066. The case involves an application filed by the Resolution Professional (RP) of Opta…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/opto-infrrastructure-limited-5dcac046

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Opta Infrastructure Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated against Opta Infrastructure Limited based on an application filed by Bank of Nova Scotia under Section 7 of the IBC. The RP was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional. During the CIRP, the Committee of Creditors (CoC) was formed, and meetings were held to explore resolution options. However, no resolution plan was received within the stipulated time frame. The CD possessed land parcels in Hassan and

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## Facts

Bank of Nova Scotia initiated CIRP against Opta Infrastructure Limited under Section 7 of IBC. Vedagiri Venkata Krishnamurthy was appointed as RP. The CIRP commenced on 2019-07-25. The CoC was formed, and several meetings were held. Opta Infrastructure Limited possessed land parcels in Hassan and Nanjangud, allotted by KIADB. The RP explored the possibility of surrendering these land parcels to KIADB for a refund. Negotiations with KIADB and IndusInd Bank (mortgagee of Nanjangud land) took place. The CIRP period expired on 2020-06-27 without a resolution plan. The CoC resolved to liquidate the CD. The RP filed an application for liquidation under Section 33(1) of IBC. The RP filed applications before the High Court of Karnataka for the withdrawal of certain writ

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 are …

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

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**Reasoning:** The Tribunal noted that the CIRP period had expired on 2020-06-27 and no resolution plan

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**Interpretation:** Section 33(1) mandates liquidation if no resolution plan is received within the

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**Application:** In this case, the CIRP period expired without a resolution plan, and the CoC

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Bank of Nova…
- **Respondents:** Opta Infrastructur…; M/s Opta Infrastru…

## Timeline

- **2014-01-01 — C.P. No.12…**: C.P. No.125/20…
- **2019-01-01 — T.P. No.1…**: T.P. No.1/201…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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