# In the matter of Transstroy Tiruthani Chennai Tollways Private Limited

> NCLT judgment dated 2025-01-27. Citation: TCN-2025-NCLT-00571. The case pertains to an application filed by the Liquidator of the Corporate Debtor, Transstroy…

- **Court:** NCLT
- **Order date:** 27 Jan 2025
- **Citation:** TCN-2025-NCLT-00571
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/transstroy-tiruthani-chennai-tollways-private-limited-77ea3d90

## Summary

### Background

The case pertains to an application filed by the Liquidator of the Corporate Debtor, Transstroy Tirupati Tiruthani Chennai Tollways Private Limited, under Section 54(1) of the Insolvency & Bankruptcy Code, 2016, seeking dissolution of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.06.2019. A resolution plan approved on 05.03.2021 was not implemented, leading to the Committee of Creditors (CoC) approaching for cancellation of the plan and filing a liquidation application, which was allowed on 08.04.2022, appointing the Applicant as Liquidator.

## Facts

Transstroy Tiruthani Chennai Tollways Pvt Ltd (the Corporate Debtor) was admitted into CIRP on 03.06.2019. Mr. Madhusudan Rao was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Kumar Mishra as the Resolution Professional (RP) on 02.08.2019. A resolution plan approved on 05.03.2021 by the Tribunal was not implemented by the Resolution Applicant, International Asset Reconstruction Company (IARC). The National Highways Authority of India (NHAI) disapproved of modifications to the key terms and entering into a supplementary agreement with IARC. Consequently, the CoC approached for cancellation of the approved Resolution Plan, leading to a liquidation application being allowed on 08.04.2022, appointing the Applicant as Liquidator. The

…

## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as required under …

**Ratio:** Section 54 of the IBC lays down the criteria for the dissolution of the Corporate Debtor,

…

**Reasoning:** The Tribunal perused the contents of the application and heard the Counsel appearing for

…

**Interpretation:** Section 54 of the IBC mandates that the assets of the corporate debtor must be

…

**Application:** In this case, the Tribunal found that all assets of the Corporate Debtor had

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Allahabad…
- **Respondents:** Transstroy…; Transstroy…
- **Advocates:** Ravi Ch…; Niharika A…

## Timeline

- **2019-06-03 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…
- **2019-08-02 — Appointment of…**: Mr Sanjay Kumar Mishra was confirmed as Resolution Professional (RP) vide order of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

---

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/transstroy-tiruthani-chennai-tollways-private-limited-77ea3d90