# In the matter of Opto Infrrastructure Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02058. The case involves an application filed by the Resolution Professional (RP) of Opta…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/opto-infrrastructure-limited-774036b8

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Opta Infrastructure Limited, seeking an order for liquidation of the Corporate Debtor (CD) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. 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 liquidator. The CoC was constituted and held meetings to explore resolution options, including the surrender of land parcels owned by the CD to KIADB. However, no resolution plan was received within the stipulated time, leading to the decision to liquidate the CD.

## Facts

Bank of Nova Scotia initiated Corporate Insolvency Resolution Process (CIRP) against Opta Infrastructure Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 25.07.2019. Vedagiri Venkata Krishnamurthy was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted the Committee of Creditors (CoC). The CoC explored options, including the surrender of land parcels owned by the Corporate Debtor (CD) to Karnataka Industrial Area Development Board (KIADB). The CD had land parcels in Hassan and Nanjangud. The RP engaged with KIADB to determine the feasibility of surrendering the land and obtaining refunds. The CIRP period expired on 27.06.2020, and no

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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 mandates liquidation if no resolution plan is received before

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**Reasoning:** The court noted that the CIRP period had expired, and no resolution plan was received.

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**Interpretation:** Section 33(1) provides a clear directive for liquidation in the absence of a

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**Application:** Since the CIRP period had expired, and no resolution plan was received, the

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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 — CP No. 12…**: Filing of CP No.…
- **2019-01-01 — TP No. 1…**: Filing of TP N…

## 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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