# In the matter of Tin Time Consultancy Private Limited I.A. 3120 OF 2022 in CP (IB) – 160-IBC-MB-2022

> NCLT judgment dated 2022-11-01. Citation: TCN-2022-NCLT-00574. The case pertains to an application (I.A. 3120/2022) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 1 Nov 2022
- **Citation:** TCN-2022-NCLT-00574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tin-time-consultancy-private-limited-ia-3120-of-2022-in-cp-ib-160-ibc-mb-2022-9ebd682c

## Summary

### Background

The case pertains to an application (I.A. 3120/2022) filed by the Resolution Professional, Mr. Prakash Dattatraya Naringrekar, seeking liquidation of the Corporate Debtor, Tin Time Consultancy Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by Hubtown Limited, the Financial Creditor. The applicant was appointed as the Interim Resolution Professional and later as the Resolution Professional by the Committee of Creditors (CoC).

## Facts

Hubtown Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the NCLT, initiating the Corporate Insolvency Resolution Process (CIRP) against Tin Time Consultancy Private Limited, the Corporate Debtor. Mr. Prakash Dattatraya Naringrekar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite Expression of Interest (EoI) from prospective resolution applicants, but no EoI was received. The Committee of Creditors (CoC) met and, considering the lack of interest and the company's status as a non-going concern, decided to opt for liquidation under Section 33 of the IBC. The CoC approved the liquidation with

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Tin Time Consultancy Private Limited, should be liquidated under …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Committee of Creditors (CoC) determined that no Expression of Interest (EoI) was

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** In this case, the absence of any EoI and the CoC's decision to liquidate the

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## Parties

- **Judges:** H.V. Subb…; K. K. S…
- **Respondents:** Tin Time Consultan…; Hubtown L…

## Timeline

- **2022-04-28 — Tribunal…**: Tribunal admitted the petition under Section 7 of the Code, filed by Hubtown Limited,…
- **2022-05-28 — Public Annou…**: Public announcement in Form A was published in The Free Press Journal and Navshakti…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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