# In the matter of Hitech Engineering Corporation India Private Limited MA 605-2018 In TCP No. 908-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-10-10. Citation: TCN-2018-NCLT-00621. The case pertains to the insolvency resolution process of M/s. Hitech Engineering Corporation…

- **Court:** NCLT
- **Order date:** 10 Oct 2018
- **Citation:** TCN-2018-NCLT-00621
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hitech-engineering-corporation-india-private-limited-ma-605-2018-in-tcp-no-908-i-6eb828da

## Summary

### Background

The case pertains to the insolvency resolution process of M/s. Hitech Engineering Corporation India Private Limited. An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by the Operational Creditor, M/s. Mahavir Express Logistic. The application was admitted on 17.01.2018, and Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and claims were received from financial and operational creditors, as well as employees. The Committee of Creditors (CoC) was formed and held meetings. The IRP was continued as the Resolution Professional (RP). Valuation reports were obtained. Despite attempts to find a resolution plan, none were received, and the CoC voted in favor of liquidation.

## Facts

M/s. Mahavir Express Logistic, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Hitech Engineering Corporation India Private Limited (the Corporate Debtor). The petition was admitted on 17.01.2018, and Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 17.02.2018. Claims were received from 1 financial creditor, 36 operational creditors, and 26 employees/workers. Later, claims were received from 3 more financial creditors. The Committee of Creditors (CoC) was reconstituted and included 4 members. Three CoC meetings were held between March and June 2018. The IRP was continued as the Resolution Professional (RP). Two registered valuers

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## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, M/s. Hitech Engineering Corporation India Private …

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

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**Reasoning:** The CoC, representing the financial creditors, voted in favor of liquidation with a

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the CoC's decision to liquidate, coupled with the absence of a

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** LaxmanDigambarPawa…
- **Respondents:** M/s. Hitech…

## Timeline

- **2017-01-01 — TCP File…**: TCP No. 908/IBC/NCLT/MB/…
- **2018-01-17 — Admission of…**: The petition under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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