# In the matter of MAIIA Commodity Management Pvt. Ltd. MA No. 1175-2019 in C.P. No. 1795-I&B-MB-2018

> NCLT judgment dated 2019-07-25. Citation: TCN-2019-NCLT-02315. The Corporate Insolvency Resolution Process (CIRP) was initiated against MAIIA COMMODITY…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02315
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maiia-commodity-management-pvt-ltd-ma-no-1175-2019-in-cp-no-1795-ib-mb-2018-0ad37e24

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against MAIIA COMMODITY MANAGEMENT PVT. LTD. by an order dated 29.08.2018. The order was issued by the Adjudicating Authority on a Section 10 Petition filed by the Corporate Applicant. Ms. Jovita Reema Mathia was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against MAIIA COMMODITY MANAGEMENT PVT. LTD. based on a Section 10 Petition. Ms. Jovita Reema Mathia was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP). The RP made a public announcement and appointed two registered valuers. An Information Memorandum was prepared, and an advertisement for Expression of Interest (EOI) was issued. Only one resolution plan was received from the erstwhile director of the Corporate Debtor, but it was rejected by the Committee of Creditors (CoC) because it was not in the best interest of the Corporate Debtor. The CoC decided to liquidate the company with 96.32% voting. The Adjudicating Authority then ordered the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the rejection of the resolution plan by …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of

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**Reasoning:** The Adjudicating Authority noted that the CoC rejected the only resolution plan received

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation when the CIRP

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**Application:** In this case, the CoC's rejection of the resolution plan triggered the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Amir Arsiwala,…
- **Respondents:** MAIIA COMMODITY…
- **Advocates:** Amir Ars…

## Timeline

- **2018-08-29 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2018-09-03 — Public Annou…**: Public announcement was made, fixing 14.09.2018…

## 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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