# In the matter of Maa Tara Industrial Complex Private Limited CP (IB) No. 318-KB-2017

> NCLT judgment dated 2018-03-16. Citation: TCN-2018-NCLT-01691. The case involves an application filed by Mr. Arun Kumar Jain, an Operational Creditor, under…

- **Court:** NCLT
- **Order date:** 16 Mar 2018
- **Citation:** TCN-2018-NCLT-01691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maa-tara-industrial-complex-private-limited-cp-ib-no-318-kb-2017-6572ac77

## Summary

### Background

The case involves an application filed by Mr. Arun Kumar Jain, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Maa Tara Industrial Complex Private Limited. The application was admitted on September 8, 2017, and Mr. Sandip Kumar Kejriwal was appointed as the Interim Resolution Professional (IRP).

## Facts

Mr. Arun Kumar Jain, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Maa Tara Industrial Complex Private Limited, the Corporate Debtor. The application was admitted on September 8, 2017. Mr. Sandip Kumar Kejriwal was appointed as the Interim Resolution Professional (IRP). The CIRP expired on March 6, 2018. Mr. Kejriwal resigned, and Mr. Sanjit Kumar Naik was appointed as the IRP. Mr. Naik failed to complete the CIRP within 180 days. The Committee of Creditors (CoC) decided not to extend the 180-day time limit. The Corporate Debtor failed to pay professional fees of Rs. 3,45,000/- to Mr. Jain, due from December 13, 2016. No resolution plan was

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Maa Tara Industrial Complex Private Limited, should be liquidated due …

**Ratio:** Section 33(1)(b)(i) of the Insolvency and Bankruptcy Code, 2016, mandates the liquidation

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**Reasoning:** The court reasoned that since no resolution plan was received within the CIRP period, and

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**Interpretation:** Section 33(1)(b)(i) is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, the absence of a resolution plan and the CoC's decision not to

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## Parties

- **Judges:** Jinan…
- **Appellants:** Arun Kuma…
- **Respondents:** Maa Tara Industria…

## Timeline

- **2017-09-08 — Application A…**: Application filed by Mr. Arun Kumar Jain admitted, initiating CIRP against Maa Tara…
- **2017-12-18 — Resignation…**: Mr. Sandip Kumar Kejriwal resigned as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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