# 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-02311. The Corporate Insolvency Resolution Process (CIRP) was initiated against MAIIA Commodity…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02311
- **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-2018-949304a7

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against MAIIA Commodity Management PVT. LTD. by an order dated 2018-08-29 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). The RP made a public announcement on 2018-09-03, setting 2018-09-14 as the deadline for submitting claims. The RP appointed two registered valuers and prepared an evaluation matrix and Information Memorandum. An advertisement was issued calling for an expression of interest (EOI), and the RP issued a detailed invitation to prospective resolution applicants. The RP prepared the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against MAIIA Commodity Management PVT. LTD. based on a Section 10 petition. Jovita Reema Mathia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made, and a deadline for submitting claims was set. Two registered valuers were appointed, and an Information Memorandum was prepared. An expression of interest (EOI) was issued, and a request for a resolution plan (RFRP) was sent to prospective applicants. Only one resolution plan was received from the Corporate Debtor's director, which the CoC rejected. The CoC voted to liquidate the company with 96.32% voting. The Resolution Professional agreed to act as liquidator.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency and Bankruptcy …

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

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**Reasoning:** The CoC rejected the only resolution plan received, finding it not in the best interest

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**Interpretation:** Section 33 provides a mechanism for liquidation when resolution efforts fail.

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**Application:** Since the CoC rejected the resolution plan and voted for liquidation, and 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…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate…
- **2018-09-03 — Public Annou…**: The RP made a public announcement fixing 2018-09-14 as the last date for submitting…

## 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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