# In the matter of Teltroy Vinimay Traders Private Limited IA(IBC)-731 & 1162(KB)2022 In CP(IB)-325(KB)2021

> NCLT judgment dated 2023-03-23. Citation: TCN-2023-NCLT-04080. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 23 Mar 2023
- **Citation:** TCN-2023-NCLT-04080
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/teltroy-vinimay-traders-private-limited-iaibc-731-1162kb2022-in-cpib-325kb2021-0bc7651b

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Teltroy Vinimoy Traders Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the company on 27/04/2022. The Resolution Professional (RP) filed the application for liquidation due to the absence of a resolution plan and the company's lack of assets. The Committee of Creditors (CoC) approved the liquidation with 100% voting shares. The Adjudicating Authority initially reverted the matter to the CoC to consider foreclosure of the CIRP to save on liquidation costs, but the CoC decided to request dissolution of the company.

## Facts

Teltroy Vinimoy Traders Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 27/04/2022 following a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) was appointed. Public announcement was made on 29/04/2022, inviting claims from creditors. The last date for submission of claims was 11/05/2022. Three Operational Creditors submitted claims, and the CoC was formed. The applicant was appointed as the Resolution Professional (RP) on 23/05/2022. The CoC resolved to liquidate the Corporate Applicant/Debtor on 08/06/2022, citing the company's lack of physical or intangible assets and inability to meet liabilities or pay future taxes. The Adjudicating Authority reverted the matter to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for liquidation under Section 33(1)(a) of …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code mandates that the Adjudicating

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**Reasoning:** The court reasoned that since no resolution plan was received within the stipulated time

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**Interpretation:** Section 33(1)(a) is interpreted to mean that liquidation is the default outcome

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**Application:** In this case, the RP informed the Adjudicating Authority that no resolution

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Teltroy Vinimay…

## Timeline

- **2022-04-27 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Teltroy Vinimoy Traders…
- **2022-04-29 — Public Annou…**: Public announcement made…

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