# 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-04687. 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-04687
- **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-20-8d114bf2

## 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 previously passed by the Tribunal on January 10, 2020, under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Turning Point Estate Private Limited, filed by the Financial Creditor JM Financial ARC. During the CIRP, the applicant received claims from various creditors. Several Committee of Creditors (CoC) meetings were held to discuss the resolution process, including the publication of Form G for inviting Expression of Interest. However, no resolution plan was received, leading the CoC to resolve for the liquidation of the

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## Facts

On January 10, 2020, an order was passed under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating CIRP against Turning Point Estate Private Limited (the Corporate Debtor) based on an application by JM Financial ARC (Financial Creditor). A public announcement was made on January 15, 2020. The applicant received claims from creditors during the CIRP. Secured financial creditors included JM Financial ARC Limited (PNB Loan Assigned), JM Financial ARC Limited (UCO Loan Assigned), and JM Financial ARC Limited (IOB Loan Assigned), with admitted claims totaling INR 1,91,73,61,434. An operational creditor, Gahlot and Sons, submitted a claim of Rs. 2,32,09,258, with Rs. 76,56,427 admitted and Rs. 1,55,52,831 under verification. Several CoC meetings were held on

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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 considered the fact that no resolution plan was received despite efforts to

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**Interpretation:** Section 33 of the IBC provides the legal basis for initiating liquidation

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**Application:** In this case, the absence of any resolution plan, coupled with the CoC's

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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…

## 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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