# In the matter of Tybros (India) Tours Pvt. Ltd. I.A. 5313-2020 in Company Petition No. (IB)-2081 (ND)-2019

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03406. The case involves an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tybros-india-tours-pvt-ltd-ia-5313-2020-in-company-petition-no-ib-2081-nd-2019-05d3952b

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Tybros (India) Tours Private Limited. An application under Section 7 of the Code, bearing number IB-2081 (PB)/2019, was filed by the Financial Creditor, M/s. Modern Credit Pvt. Ltd., for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Tribunal admitted the application on 04.12.2019, initiating CIRP and appointing Mr. Sunil Kumar Agrawal as the Interim Resolution Professional (IRP).

## Facts

M/s. Modern Credit Pvt. Ltd., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, bearing number IB-2081 (PB)/2019, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Tybros (India) Tours Private Limited, the corporate debtor. The National Company Law Tribunal (NCLT) admitted the application on 04.12.2019, thereby initiating CIRP and appointing Mr. Sunil Kumar Agrawal as the Interim Resolution Professional (IRP). The IRP issued a public announcement on 07.12.2020, calling on creditors to submit their claims. A Committee of Creditors (CoC) was constituted. The CoC, in its second meeting on 01.01.2020, resolved to appoint Mr. Sunil Kumar Agrawal as the Resolution Professional (RP). No

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/s. Tybros (India) Tours Private …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC, in its fourth meeting, passed a resolution for the liquidation of the Corporate

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**Interpretation:** Section 33(1) provides the legal basis for the Tribunal to order liquidation

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**Application:** The Tribunal applied Section 33(1) to the facts of the case, noting that the

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. HEMANT…
- **Respondents:** M/s. TYBROS…
- **Advocates:** Sunil Kumar…

## Timeline

- **2019-01-01 — Application f…**: M/s. Modern Credit Pvt. Ltd. filed an application under Section 7 of the Code, bearing…
- **2019-12-04 — CIRP Init…**: The Tribunal admitted the application, thereby initiating CIRP against the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32(1) — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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