# In the matter of Tiruchitambalam Projects Limited IA(IBC)-1120(CHE)-2022 in IBA-470-2020

> NCLT judgment dated 2023-01-09. Citation: TCN-2023-NCLT-05134. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Thiruchitambalam…

- **Court:** NCLT
- **Order date:** 9 Jan 2023
- **Citation:** TCN-2023-NCLT-05134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tiruchitambalam-projects-limited-iaibc-1120che-2022-in-iba-470-2020-6c232a19

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Thiruchitambalam Project Limited. The CIRP commenced on 2021-09-02. The Resolution Professional (RP) filed an application seeking liquidation of the Corporate Debtor under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. Public announcement was made on 2021-09-15. The Committee of Creditors (CoC) comprised a sole Operational Creditor. Several CoC meetings were adjourned due to the absence of the sole CoC member. The RP received a defective Form-FA from the suspended director. The CIRP period ended on 2022-07-26, and the application for liquidation was filed on 2022-08-16. The Tribunal directed the RP to serve a copy of the application to the erstwhile management, but none

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Thiruchitambalam Project Limited commenced on 2021-09-02. G. Mukundan was appointed as the Resolution Professional (RP). A public announcement was made on 2021-09-15. The Committee of Creditors (CoC) comprised a sole Operational Creditor. Several CoC meetings were adjourned due to the absence of the sole CoC member. The RP received a defective Form-FA from the suspended director on 2022-08-06. The CIRP period ended on 2022-07-26. The RP filed an application for liquidation on 2022-08-16. The Tribunal directed the RP to serve a copy of the application to the erstwhile management, but none represented them during the final hearing. No resolution plan was received, and no application was filed seeking an extension of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33(1)(a) of the Insolvency and …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, mandates liquidation if no

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**Reasoning:** The Tribunal observed that no resolution plan was received before the last date for CIRP,

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**Interpretation:** Section 33(1)(a) provides a clear directive for liquidation when the CIRP fails

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**Application:** In this case, since no resolution plan was received by 2022-07-26, the Tribunal

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** G. Muku…
- **Respondents:** Thiruchitambalam…; Committee of…

## Timeline

- **2021-09-02 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2021-09-15 — Public Annou…**: Public announcement was made in two…

## 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)

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