# In the matter of NAOLIN INFRASTRUCTURE PRIVATE LIMITED

> NCLT judgment dated 2026-03-18. Citation: TCN-2026-NCLT-00244. CP(IB) No. 69/9/HDB/2023 was initiated under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 Mar 2026
- **Citation:** TCN-2026-NCLT-00244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/naolin-infrastructure-private-limited-1d333aa0

## Summary

### Background

IA(IBC) 1284/2025 in CP(IB) No. 69/9/HDB/2023 was filed by the Resolution Professional of M/s. Naoline Infrastructure Private Limited against the Assistant Commissioner of Income Tax, seeking to set aside the Orders passed by the Assistant Commissioner of Income Tax during the moratorium period.

## Facts

M/s. Mytrah Vayu (Som) Private Limited initiated CIRP against GVK Transportation Pvt Ltd under Section 9 of IBC, 2016.

The Tribunal admitted the Corporate Debtor into CIRP on 04.06.2024.

Mr. Pankaj Bhattad was initially appointed as the Interim Resolution Professional (IRP).

Mr. Maligi Madhusudhana Reddy was later appointed as the Resolution Professional (RP).

The CoC was formed with five financial creditors, including Canara Bank, UCO Bank, Karnataka Bank Limited, Indian Overseas Bank, and Union Bank of India.

The CoC resolved with 100% voting share to liquidate the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.

The Resolution Professional filed an application seeking an order for liquidation of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor should be ordered based on the decision of the …

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

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**Reasoning:** The Committee of Creditors resolved with 100% voting share to liquidate the Corporate

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**Interpretation:** The Adjudicating Authority is bound to pass a liquidation order when the CoC,

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**Application:** The court ordered the liquidation of the Corporate Debtor based on the CoC's

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Mytrah Vayu (Som)…; Prabhakar Reddy…; +1 more
- **Respondents:** GVK Transportation…; Naoline Infrastruc…; +3 more
- **Other parties:** Canara…; UCO B…; +5 more
- **Advocates:** B. Ni…; Manav Gecil…

## Timeline

- **2026-03-18 — Order Da…**: Orders pronounced for various IAs, including IA(IBC) 456/2025, IA(IBC) (Liq.,) 05/2025,…
- **2024-06-04 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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