# In the matter of Mack Telecom Services Private Limited I.A. No. 32-2021 in C.P.(IB)No. 98-BB-2020

> NCLT judgment dated 2021-02-04. Citation: TCN-2021-NCLT-03126. The case involves an application (I.A.No.32/2021) filed in relation to a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 4 Feb 2021
- **Citation:** TCN-2021-NCLT-03126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mack-telecom-services-private-limited-ia-no-32-2021-in-cpibno-98-bb-2020-c6d37212

## Summary

### Background

The case involves an application (I.A.No.32/2021) filed in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against Mack Telecom Services Private Limited. The CIRP was initiated based on a petition filed by VOXTBV India P. Ltd under Section 7 of the IBC, 2016. The applicant, Raghuram Manchi, is the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). The company faced financial difficulties, and efforts to revive it were unsuccessful. The Committee of Creditors (CoC) approved the dissolution of the Corporate Debtor. The IRP sought directions for various actions, including dissolving the Corporate Debtor, directing financial creditors to make payments, and processing the surrender of a Life Insurance

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## Facts

Mack Telecom Services Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by VOXTBV India P. Ltd under Section 7 of the IBC, 2016. Raghuram Manchi was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). The company's financial position was dire, with insufficient assets to cover liabilities. The Corporate Debtor had not been actively carrying on business for the past six years. A Company Petition (C.P.(IB)No.98/BB/2018) was filed by VOXTBV India P. Ltd (Petitioner) under Section 7 of the IBC, 2016, seeking to initiate CIRP. The Adjudicating Authority admitted the petition on 09.11.2020, appointing the Applicant as IRP and imposing a moratorium. The first meeting of the CoC was held

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Mack Telecom Services Private Limited, should be dissolved …

**Ratio:** Section 54 of the IBC, 2016, allows for the dissolution of a Corporate Debtor when its

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**Reasoning:** The Corporate Debtor had not been carrying on business for the past six years, and its

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**Interpretation:** Section 54 of the IBC, 2016, provides a mechanism for the dissolution of a

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**Application:** The Adjudicating Authority applied Section 54 of the IBC, 2016, to the facts of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Raghuram…
- **Respondents:** Mack Telecom…; VOXTBV India P.…

## Timeline

- **2018-01-01 — Filing of Company…**: C.P.(IB)No.98/BB/2018 was filed by M/s. VOXTBV India P. Ltd (Petitioner), U/s.7 of the…
- **2020-11-09 — Admission of Company…**: The Adjudicating Authority admitted the petition, appointing the Applicant as IRP and…

## 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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