# In the matter of Tripurari Properties Private Limited

> NCLT judgment dated 2023-11-20. Citation: TCN-2023-NCLT-00704. The case involves an application filed by the Resolution Professional (RP) of Tripurari…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tripurari-properties-private-limited-357704fb

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Tripurari Properties Private Limited, the Corporate Applicant/Debtor, seeking the initiation of liquidation proceedings under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Tripurari Properties Private Limited on 18/04/2023, following a petition filed under Section 10 of the IBC. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, and meetings were held to explore resolution options. However, no resolution plan was received, and the CoC recommended liquidation.

## Facts

Tripurari Properties Private Limited (CIN: U70109WB2008PTC125328) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated on 18/04/2023. Pankaj Kumar Kedia was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. A Committee of Creditors (CoC) was formed with Mr. Himalaya Gupta as the sole member. The CoC held meetings on 18/05/2023, 14/06/2023, 05/07/2023 and 03/08/2023. Form G was published twice to invite Expression of Interest (Eol) from prospective resolution applicants (PRA), but no Eol was received. The CoC recommended liquidation of the Corporate Debtor. The 180-day CIRP period ended on

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(1)(a) of the IBC mandates the Adjudicating Authority to pass an order of

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**Reasoning:** The court reasoned that since no resolution plan was received within the CIRP period and

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the RP filed an application for liquidation under Section 33(2)

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Respondents:** Tripurari…

## Timeline

- **2023-04-18 — Initiation…**: CIRP initiated against Tripurari…
- **2023-04-21 — Public Annou…**: Public announcement in 'Business…

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