# In the matter of M K S OIL PRIVATE LIMITED

> Read the full IBC case summary for In the matter of M K S OIL PRIVATE LIMITED. NCLT judgment dated 2025-09-15. Citation: TCN-2025-NCLT-01381.

- **Court:** NCLT
- **Order date:** 15 Sept 2025
- **Citation:** TCN-2025-NCLT-01381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/m-k-s-oil-private-limited-434c4de0

## Summary

### Background

This application was filed by the Resolution Professional under Section 33(1)(a) read with Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s M K S Oil Private Limited, as the Corporate Insolvency Resolution Process period had expired without a resolution plan being approved.

## Facts

The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against M/s M K S Oil Private Limited on December 2, 2019, and appointed Mr. Atul Mittal as the Interim Resolution Professional (IRP). The IRP made a public announcement in Form A on December 11, 2019, with the last date for filing claims being December 23, 2019. In the first Committee of Creditors (CoC) meeting on January 7, 2020, the CoC disapproved the ratification of the IRP's appointment as Resolution Professional by 100%.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated given the expiry of the Corporate Insolvency…

**Ratio:** When the Corporate Insolvency Resolution Process period expires without a resolution plan…

**Reasoning:** The Adjudicating Authority noted that the CIRP period, including the lockdown exclusion,…

**Interpretation:** The court interpreted **Section 33** of the Insolvency and Bankruptcy Code,…

**Application:** In this case, the CIRP period expired on September 12, 2020, even after…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Anu Jagmoha…
- **Advocates:** For the RP: Mr.…; RP w…; +2 more

## Timeline

- **December 2, 2019 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process against M/s M K…
- **December 11, 2019 — Public Annou…**: IRP made a public…

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