# In the matter of Maktel Control & Systems Private Limited I.A. No. 585 (AHM)-2021 in C.P (IB)499 of 2019

> NCLT judgment dated 2021-11-23. Citation: TCN-2021-NCLT-00429. The application was filed by the Resolution Professional, Mr. Dharit Kishorbhai Shah, for the…

- **Court:** NCLT
- **Order date:** 23 Nov 2021
- **Citation:** TCN-2021-NCLT-00429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maktel-control-systems-private-limited-ia-no-585-ahm-2021-in-cp-ib499-of-2019-9e46e224

## Summary

### Background

The application was filed by the Resolution Professional, Mr. Dharit Kishorbhai Shah, for the liquidation of the Corporate Debtor, M/s Maktel Control & Systems Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016, due to the non-receipt of a resolution plan. The Corporate Debtor was admitted into CIRP vide order dated 02.02.2021. Mr. Dharit Kishorbhai Shah was appointed as the IRP.

## Facts

The Resolution Professional, Mr. Dharit Kishorbhai Shah, filed an application for the liquidation of the Corporate Debtor, M/s Maktel Control & Systems Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 02.02.2021. The IRP made a public announcement for submission of claims. The COC was constituted and confirmed the IRP as the Resolution Professional. The COC decided to publish an EOI, but no resolution plan was received despite multiple attempts. The COC decided to liquidate the Corporate Debtor in its 6th meeting. The CIRP period expired on 31.07.2021. The COC discussed liquidation in its 5th meeting but was stalled due to the absence of instructions from the State Bank of India, the sole COC

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court reasoned that despite multiple attempts to solicit resolution plans, none were

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**Interpretation:** Section 33 is interpreted to mean that liquidation is a viable option when CIRP

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**Application:** In this case, the application of Section 33 is justified because no resolution

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Dharit Kishorbhai…
- **Respondents:** Maktel Control &…; Urja Shakti Sales…

## Timeline

- **2021-02-02 — Admission in…**: Corporate Debtor admitted into CIRP vide…
- **2021-02-04 — Public Annou…**: IRP made a public announcement in form-A for…

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