# In the matter of Transstroy Tiruthani Chennai Tollways Private Limited

> NCLT judgment dated 2025-01-27. Citation: TCN-2025-NCLT-00569. The case pertains to an application filed by the Liquidator of Transstroy Tirupati Tiruthani…

- **Court:** NCLT
- **Order date:** 27 Jan 2025
- **Citation:** TCN-2025-NCLT-00569
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/transstroy-tiruthani-chennai-tollways-private-limited-865b1be5

## Summary

### Background

The case pertains to an application filed by the Liquidator of Transstroy Tirupati Tiruthani Chennai Tollways Private Limited, seeking dissolution of the Corporate Debtor (CD) under Section 54(1) of the Insolvency & Bankruptcy Code, 2016. The CD 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 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 Tirupati Tiruthani Chennai Tollways Private Limited (CD) 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). 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 key terms, leading to an impasse. The CoC approached for cancellation of the approved Resolution Plan, and a liquidation application was allowed on 08.04.2022, appointing the Applicant as Liquidator. The Liquidator made public announcements and formed a Stakeholders

…

## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Transstroy Tirupati Tiruthani …

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

…

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

…

**Interpretation:** Section 54 of the IBC provides the legal basis for the dissolution of a

…

**Application:** The Tribunal applied Section 54 of the IBC to the facts of the case, noting

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Allahabad…
- **Respondents:** Transstroy…; Transstroy…

## Timeline

- **2019-06-03 — Admission in…**: Transstroy Tirupati Tiruthani Chennai Tollways Private Limited was admitted into…
- **2019-06-03 — Appointment…**: Mr. Madhusudan Rao was appointed as the…

---

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-865b1be5