# In the matter of Turning Point Estate Private Limited IA 2503-MB-C-I-2020 in CP (IB) 3714-MB-C-I-2019

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04672. The case pertains to an application filed by the Resolution Professional (RP) for the…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/turning-point-estate-private-limited-ia-2503-mb-c-i-2020-in-cp-ib-3714-mb-c-i-20-7c5f5119

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) for the liquidation of the Corporate Debtor, Turning Point Estate Private Limited. An order was initially passed under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, based on an application by the Financial Creditor, JM Financial ARC Limited. During the CIRP, claims were received from various secured and unsecured creditors. Several meetings of the Committee of Creditors (CoC) were held to discuss the resolution process. Despite efforts to invite resolution plans, no prospective resolution applicant submitted a plan. Consequently, the CoC resolved to liquidate the Corporate Debtor with 100%

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Turning Point Estate Private Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by JM Financial ARC Limited. Public announcement was made on January 15, 2020. Claims were received from secured creditors including JM Financial ARC Limited (PNB Loan Assigned), JM Financial ARC Limited (UCO Loan Assigned), and JM Financial ARC Limited (IOB Loan Assigned), totaling INR 1,91,73,61,434. A claim was also received from an operational creditor, Gahlot and Sons, for INR 2,32,09,258. Several meetings of the Committee of Creditors (CoC) were held, starting from February 11, 2019, to December 14, 2020. Form G was published to invite expression of interest, but no

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Turning Point Estate Private Limited, should be liquidated due to the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows for the liquidation of a

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**Reasoning:** The Tribunal noted that despite efforts to invite resolution plans, no prospective

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**Interpretation:** Section 33 of the IBC provides a mechanism for liquidation when the CIRP fails

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**Application:** In this case, the Tribunal applied Section 33 of the IBC, considering the

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Namrata Amol…
- **Respondents:** Turning Point…

## Timeline

- **2020-01-10 — Order under Section 7…**: An order was passed by the Tribunal under Section 7 of the Insolvency and Bankruptcy…
- **2020-01-15 — Public Annou…**: Public Announcement was made, inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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