# In the matter of Thesaurus Project Private Limited

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-02667. The case involves an application for liquidation of Thesaurus Project Private Limited under the…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-02667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/thesaurus-project-private-limited-11fb8ebe

## Summary

### Background

The case involves an application for liquidation of Thesaurus Project Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.03.2023, and Mr. K.J Vinod was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted with two financial creditors: Punjab National Bank and Small Industries Development Bank of India (SIDBI). The IRP conducted physical verification and found no sign of the corporate debtor's existence at its registered office. The CoC, finding no scope for revival and no tangible assets, opted for liquidation with 100% voting.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Thesaurus Project Private Limited on 16.03.2023. Mr. K.J Vinod was appointed as the Interim Resolution Professional (IRP). Public announcements were made in 'Indian Express' and 'Mathrubhumi' on 18.03.2023. The Committee of Creditors (CoC) was constituted with Punjab National Bank (15.04% voting rights) and Small Industries Development Bank of India (SIDBI) (84.96% voting rights). The IRP received claims from Punjab National Bank (Rs. 25,71,141/-) and SIDBI (Rs. 1,45,24,290/-). Physical verification revealed that the corporate debtor's registered office was non-existent. CIRP Intimation Letters sent to the suspended directors were returned undelivered. The last AGM was held on 30th September 2017,

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Thesaurus Project Private Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the IBC, 2016 empowers the CoC to file an application for liquidation

…

**Reasoning:** The CoC, after considering the IRP's report that the corporate debtor has no tangible

…

**Interpretation:** Section 33(2) provides the CoC with the authority to initiate liquidation

…

**Application:** In this case, the CoC's decision to opt for liquidation is justified because

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** K.J. V…
- **Respondents:** Thesaurus Project…; Small Industries…
- **Advocates:** A. G. Satyanarayan…

## Timeline

- **2023-03-16 — CIRP Init…**: CIRP initiated against…
- **2023-03-18 — Public Annou…**: Public announcements made in…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/thesaurus-project-private-limited-11fb8ebe