# 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-03412. The case pertains to an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03412
- **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-2019-97318063

## Summary

### Background

The case pertains to 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. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by the Financial Creditor, M/s. Modern Credit Pvt. Ltd., under Section 7 of the Code. The application was admitted by the Tribunal on 04.12.2019, leading to the appointment of Mr. Sunil Kumar Agrawal as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted. The CoC decided to appoint Mr. Sunil Kumar Agrawal as the RP.

## Facts

M/s. Modern Credit Pvt. Ltd., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Tybros (India) Tours Private Limited, 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). Public announcements were made, and a Committee of Creditors (CoC) was formed. The CoC, in its second meeting on 01.01.2020, appointed Mr. Sunil Kumar Agrawal as the Resolution Professional (RP). No resolution plans were received by 17.04.2020, partly due to Covid-19 lockdowns. The CoC, in its fourth meeting on 16.10.2020, resolved for liquidation

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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 court reasoned that no resolution plan was received within the prescribed period, and

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

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**Application:** Since no resolution plan was received and the CoC had resolved for liquidation,

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## Parties

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

## Timeline

- **2019-01-01 — Filing of App…**: M/s. Modern Credit Pvt. Ltd. filed an application under Section 7 of the Code for…
- **2019-12-04 — Admission of Ap…**: The Tribunal admitted the application and…

## 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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