# In the matter of Tonk Water Supply Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00044. The Adjudicating Authority admitted an Insolvency Application filed by Apollo Pipes Limited…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tonk-water-supply-limited-82931ee1

## Summary

### Background

The Adjudicating Authority admitted an Insolvency Application filed by Apollo Pipes Limited against Tonk Water Supply Limited, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Amit Agrawal was appointed as the Interim Resolution Professional (IRP). Subsequently, the Resolution Professional (RP) filed an application seeking liquidation of the Corporate Debtor and appointment of the Applicant/RP as liquidator under Section 33(2) of the IBC, 2016. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor due to the failure to receive a resolution plan despite multiple attempts to invite expressions of interest. The CoC approved the appointment of Mr. Amit Gupta as the liquidator.

## Facts

Apollo Pipes Private Limited filed an insolvency application against Tonk Water Supply Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and the Corporate Insolvency Resolution Process (CIRP) commenced. Mr. Amit Agrawal was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP). The RP invited expressions of interest (EOI) by publishing Form-G in various newspapers. Despite multiple attempts, no resolution plan was received. The Committee of Creditors (CoC) decided to liquidate Tonk Water Supply Limited due to the absence of a viable resolution plan. The CoC approved the appointment of Mr. Amit Gupta as the liquidator. The RP then filed an application

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## Issues and analysis

### Issue 1: Whether the application for liquidation was filed within the stipulated timelines as per the …

**Ratio:** Section 33(2) of the IBC allows the Resolution Professional to file an application for

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**Reasoning:** The Adjudicating Authority noted that the application under Section 9 of the Code was

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**Interpretation:** The application for liquidation was filed within the prescribed period, as the

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**Application:** The RP's application for liquidation was deemed timely because it was filed

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Apollo Pipes…
- **Respondents:** Tonk Water Supply…; Rishabh Singh,…

## Timeline

- **2022-09-16 — Admission of Application…**: The application under Section…
- **2022-09-16 — Appointment of Interim…**: Mr. Amit Agrawal was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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