# In the matter of Honeycomb Technologies Pvt. Ltd. MA-1412-2019 in IBA-196-IB-2019

> NCLT judgment dated 2020-03-12. Citation: TCN-2020-NCLT-01591. The case involves MA/1412/2019 filed in IBA/196/IB/2019 under Section 33(2) of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Mar 2020
- **Citation:** TCN-2020-NCLT-01591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/honeycomb-technologies-pvt-ltd-ma-1412-2019-in-iba-196-ib-2019-af2b2416

## Summary

### Background

The case involves MA/1412/2019 filed in IBA/196/IB/2019 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, concerning M/s. Honeycomb Technologies Private Limited. The CIR process was initiated after an application under Section 9 of the I&B Code, 2016, by the Operational Creditor, K. Sundarrajan, was admitted on 2019-05-24. J. Manivannan was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. Honeycomb Technologies Private Limited faced insolvency proceedings initiated by an operational creditor, K. Sundarrajan, under Section 9 of the I&B Code, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced on 2019-05-24, and J. Manivannan was appointed as the Interim Resolution Professional (IRP). The IRP published notices inviting claims from creditors, receiving claims from Canara Bank and Oriental Bank of Commerce. The Committee of Creditors (CoC) was formed on 2019-06-20. During the CoC's first meeting on 2019-07-02, the feasibility of the Corporate Debtor's business was discussed. It was noted that the bank had already sold the main factory and substantial machinery under SARFAESI, leaving minimal realizable assets. The CoC decided on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency and Bankruptcy …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that no resolution plan was received within the 180-day CIRP period.

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

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**Application:** Since no resolution plan was received and the CoC favored liquidation, Section

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Respondents:** M/s. Honeycomb…; K. Sundar…

## Timeline

- **2019-05-24 — CIRP Init…**: CIRP initiated against M/s. Honeycomb Technologies Private Limited based on application…
- **2019-05-01 — IRP Appoi…**: J. Manivannan appointed as Interim…

## Legal provisions

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

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