# In the matter of Virtue Infra and Entertainment
Private Limited I.A. 1217 OF 2022 in CP (IB) -1170-I&B-MB-2019

> NCLT judgment dated 2022-05-10. Citation: TCN-2022-NCLT-02800. The case involves an application (I.A. No. 1217/2022) filed by the Resolution Professional, CS…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-02800
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/virtue-infra-and-entertainment-private-limited-ia-1217-of-2022-in-cp-ib-1170-ib-9f4c9e96

## Summary

### Background

The case involves an application (I.A. No. 1217/2022) filed by the Resolution Professional, CS Anagha Anasingaraju, seeking liquidation of M/s Virtue Infra and Entertainment Private Limited (the Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by Sakharam Tambolkar (Financial Creditor) on 29.09.2021. Despite inviting Expression of Interest (EoI) and extending the deadline for submission of a Resolution Plan, only one plan was received, and it was not submitted by the extended deadline. The Committee of Creditors (CoC) ultimately resolved to liquidate the Corporate Debtor.

## Facts

Sakharam Tambolkar, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Virtue Infra and Entertainment Private Limited (Corporate Debtor). The NCLT admitted the petition on 29.09.2021, initiating the Corporate Insolvency Resolution Process (CIRP). CS Anagha Anasingaraju was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) for resolution plans, with the last date for receipt of EoI being 19.12.2021, which was later extended. Only one Resolution Plan was received from Shri. Shakil Ahmed Siddiqui. The RP examined the EoI and requested more time from the Resolution Applicant, which was received on 20.01.2022. Shri

…

## Issues and analysis

### Issue 1: Whether the application I.A. No. 1217/2022 seeking liquidation of the Corporate Debtor, M/s Virtue …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

…

**Reasoning:** The court reasoned that no Resolution Plan had been received despite extending the

…

**Interpretation:** Section 33(2) is interpreted to mean that if the CIRP fails to produce a

…

**Application:** In this case, the RP submitted that no Resolution Plan was received, and the

…

## Parties

- **Judges:** ANURADHA SANJAY…; H.V. Subb…
- **Respondents:** Virtue Infra and…; Sakharam D…

## Timeline

- **2019-01-01 — Company Petition (IB)…**: Company Petition (IB)…
- **2021-09-29 — Admission of Petition…**: The NCLT admitted the Petition under Section 7 of the Code, filed by Sakharam Tambolkar,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/virtue-infra-and-entertainment-private-limited-ia-1217-of-2022-in-cp-ib-1170-ib-9f4c9e96