# In the matter of MULTI-VERSE TECHNOLOGIES PRIVATE LIMITED

> NCLT judgment dated 2025-08-18. Citation: TCN-2025-NCLT-01247. The case involves an application for liquidation of Multi-verse Technologies Private Limited,…

- **Court:** NCLT
- **Order date:** 18 Aug 2025
- **Citation:** TCN-2025-NCLT-01247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/multi-verse-technologies-private-limited-43d24c8a

## Summary

### Background

The case involves an application for liquidation of Multi-verse Technologies Private Limited, initiated by PVR Inox Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed.

## Facts

PVR INOX Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Multi-verse Technologies Private Limited.

The CIRP was admitted on 02.09.2024, and Smt. Shirley Mathew was appointed as the Interim Resolution Professional (IRP).

The IRP issued a public announcement in Form-A on 11.09.2024, with the last date for submission of claims being 23.09.2024.

The Committee of Creditors (CoC) was constituted on 02.10.2024, consisting of Venus India Asset Finance Private Limited and SVAS Opportunities Fund.

Venus India Asset Finance Pvt. Ltd withdrew their claim after repayment by the Personal Guarantors.

The RP issued Form G on 01.11.2024, inviting expression of interest from Prospective Resolution Applicants (PRAs).

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed based on the …

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

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**Reasoning:** The CoC, in its 8th meeting, resolved to liquidate the Corporate Debtor as no viable

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**Interpretation:** The Adjudicating Authority is empowered to order liquidation based on the CoC's

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**Application:** The Adjudicating Authority allowed the application for liquidation, directing

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** PVR Inox L…; Shirley M…
- **Respondents:** Multi-verse…; Multi-verse…
- **Other parties:** Venus India Asset…; SVAS Opportunities…

## Timeline

- **2024-09-02 — Admission o…**: Corporate Insolvency Resolution Process (CIRP)…
- **2024-09-11 — Public Annou…**: The IRP issued a Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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