# In the matter of Mactores Innovations Private Limited IA No.1418-MB-2020 in CP (IB) No. 3653-MB-2018

> NCLT judgment dated 2020-10-14. Citation: TCN-2020-NCLT-00391. The case involves an application filed by the Resolution Professional seeking liquidation of…

- **Court:** NCLT
- **Order date:** 14 Oct 2020
- **Citation:** TCN-2020-NCLT-00391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mactores-innovations-private-limited-ia-no1418-mb-2020-in-cp-ib-no-3653-mb-2018-cdd765e9

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Mactores Innovations Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a Company Petition by the Tribunal on 09/10/2019. The Applicant was appointed as Interim Resolution Professional (IRP). Public notice was issued inviting claims from creditors. Initially, the Committee of Creditors (CoC) consisted of only one Operational Creditor. Subsequently, financial creditors filed claims, leading to the reconstitution of the CoC. The suspended director of the Corporate Debtor attended CoC meetings. An invitation

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Mactores Innovations Private Limited after the admission of a company petition on 2019-10-09. Mahesh R. Sureka was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public notice was issued to invite claims from creditors. Initially, the Committee of Creditors (CoC) consisted of only one Operational Creditor. Subsequently, financial creditors filed claims, leading to the reconstitution of the CoC. The suspended director of the Corporate Debtor attended CoC meetings. An invitation for Expression of Interest (EoI) was published on 2019-12-16, but no response was received. The CoC decided to publish "Form-G" inviting EoIs afresh,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Mactores Innovations Private …

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

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**Reasoning:** The Tribunal considered the fact that the CoC had resolved to liquidate the company with

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CoC, before the

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**Application:** In this case, the CoC had resolved to liquidate the Corporate Debtor before the

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Mahesh R.…
- **Respondents:** Mactores Innovatio…; Embee Software…

## Timeline

- **2019-10-09 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2019-10-09 — Appointment…**: The Applicant was appointed as…

## 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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