# In the matter of Techno Power Combines Private Limited IA-243-CHE-2022 in IBA-1353-2019

> NCLT judgment dated 2022-07-22. Citation: TCN-2022-NCLT-01587. The case pertains to an application filed under Section 33(1)(a) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Jul 2022
- **Citation:** TCN-2022-NCLT-01587
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/techno-power-combines-private-limited-ia-243-che-2022-in-iba-1353-2019-98d9ee25

## Summary

### Background

The case pertains to an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking an order for the liquidation of the Corporate Debtor, Techno Power Combines Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-09-02. The applicant, Mr. Narayanaswamy Nageswaran, was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were held, during which the applicant informed the CoC of his unwillingness to continue as the Resolution Professional (RP). The CoC ultimately decided to liquidate the Corporate Debtor due to various factors, including the lack of available assets and the non-cooperation of the Directors. An

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Techno Power Combines Private Limited was initiated on 2021-09-02. Mr. Narayanaswamy Nageswaran was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were convened. During the first CoC meeting on 2021-10-04, the IRP expressed his unwillingness to continue as the Resolution Professional (RP). The IRP also stated that he was unable to access information regarding the assets of the Corporate Debtor. The CoC decided to liquidate the Corporate Debtor on 2022-03-25. The decision was unanimous, with 100% voting in favor of liquidation. The reasons for liquidation included the lack of available assets, the non-cooperation of the Directors, and the fact that the sole

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Techno Power Combines Private …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in matters of

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**Reasoning:** The tribunal considered the fact that the CoC had unanimously decided to liquidate the

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

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was based on

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## Parties

- **Judges:** S. Ramath…; SAMEER…
- **Appellants:** Narayanaswamy…
- **Respondents:** Techno Power…

## Timeline

- **2021-09-02 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Techno Power Combines…
- **2021-09-02 — Appointment…**: Mr. Narayanaswamy Nageswaran appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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