# In the matter of Tirumala Hills Asphalt Private Limited

> NCLT judgment dated 2024-06-06. Citation: TCN-2024-NCLT-01216. The Resolution Professional filed an application under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Jun 2024
- **Citation:** TCN-2024-NCLT-01216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tirumala-hills-asphalt-private-limited-230f4af7

## Summary

### Background

The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/S. TIRUMALA HILLS ASPHALT PVT LTD. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 2023-06-14, and the applicant was appointed as Interim Resolution Professional (IRP). The IRP issued a public announcement on 2023-06-17, inviting claims from creditors. The IRP constituted the Committee of Creditors (CoC), and the claims were admitted. The CoC appointed the Applicant IRP as Resolution Professional (RP) during its first meeting on 2023-07-10, and the RP submitted the First Progress Report on 2023-07-26.

## Facts

The Resolution Professional (RP) filed an application seeking liquidation of M/S. TIRUMALA HILLS ASPHALT PVT LTD. The Corporate Debtor (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on 2023-06-14. The RP was appointed as Interim Resolution Professional (IRP) and issued a public announcement on 2023-06-17, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and claims were admitted. The CoC appointed the IRP as Resolution Professional (RP) on 2023-07-10. The RP submitted a progress report on 2023-07-26. The Suspended Directors of the CD did not cooperate in providing necessary documents and information. The RP filed IA No.1316 of 2023, and the Adjudicating Authority directed the Respondents to provide the required

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## Issues and analysis

### Issue 1: Whether the application for liquidation of M/S. TIRUMALA HILLS ASPHALT PVT LTD should be allowed …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that no assets of the Corporate Debtor had been handed over to the RP,

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**Interpretation:** Section 33(2) provides a legal basis for initiating liquidation when the CIRP

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**Application:** Given the non-cooperation of the suspended directors, the lack of assets handed

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** GP Petroleu…
- **Respondents:** Tirumala Hills…

## Timeline

- **2023-06-14 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…
- **2023-06-17 — Public Annou…**: The Interim Resolution Professional (IRP) issued a public announcement inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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