# In the matter of Tushara Energy Ventures Private Limited IA (IBC) 458-2022 in CP (IB) No. 475-9-HDB-2019

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04231. The Resolution Professional (RP) filed an application under Section 33(1)(a) read with Section…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04231
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tushara-energy-ventures-private-limited-ia-ibc-458-2022-in-cp-ib-no-475-9-hdb-20-c3831816

## Summary

### Background

The Resolution Professional (RP) filed an application under Section 33(1)(a) read with Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Tushara Energy Ventures Private Limited, the Corporate Debtor. An earlier application under Section 19(2) was disposed of with directions for the suspended management to cooperate with the RP. A prospective resolution applicant withdrew their interest due to the Corporate Debtor's core asset being attached by the Income Tax Department as Benami Property. The Committee of Creditors (COC) unanimously decided to liquidate the Corporate Debtor as the CIRP period was ending.

## Facts

Varnika Industries Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Tushara Energy Ventures Pvt Ltd. The Resolution Professional (RP) filed an application IA 458/2022 in CP(IB) No.475/9/HDB/2019 under Section 33(1)(a) read with Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Tushara Energy Ventures Private Limited. An earlier application under Section 19(2) was disposed of with directions for the suspended management to cooperate with the RP. A prospective resolution applicant withdrew their interest due to the Corporate Debtor's core asset being attached by the Income Tax Department as Benami Property. The Committee of Creditors (COC) unanimously decided to liquidate the Corporate Debtor as the CIRP period was

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, stipulates that the

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**Reasoning:** The Adjudicating Authority reasoned that no resolution plan was received within the

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**Interpretation:** Section 33(1)(a) is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, since no resolution plan was received and the COC approved

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Varnika Industries…
- **Respondents:** Tushara Energy…

## Timeline

- **2022-02-15 — Order on Section 19(2)…**: Application under Section 19(2) of the Code was disposed of with directions to the…
- **2022-05-22 — End of CIRP…**: The CIRP period was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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