# In the matter of Maktel Power Ltd IA-268(AHM)2021 in CP (IB) 482 of 2019

> NCLT judgment dated 2021-05-05. Citation: TCN-2021-NCLT-02205. The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 5 May 2021
- **Citation:** TCN-2021-NCLT-02205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maktel-power-ltd-ia-268ahm2021-in-cp-ib-482-of-2019-a839973a

## Summary

### Background

The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Dharit K Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) in its 8th meeting resolved to liquidate the Corporate Debtor, authorizing the RP to file the application. The suspended management did not appear despite notice. The Adjudicating Authority considered the commercial wisdom of the COC and the Supreme Court's view on the same.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and C.P. (I.B) No. 482/2019 was admitted on 2019-09-11. Mr. Dharit K Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) in its 8th meeting held on 2021-03-08 resolved to liquidate the Corporate Debtor, authorizing the RP to file an application under Section 33 of the IBC. The suspended management did not appear despite notice. The RP filed an application under Section 33 of the IB Code, 2016, seeking liquidation of the Corporate Debtor. The Adjudicating Authority considered the commercial wisdom of the COC and the Supreme Court's view on the same. The COC's decision to

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## Issues and analysis

### Issue 1: Whether the application filed by the RP under Section 33 of the IB Code for liquidation of the …

**Ratio:** The Adjudicating Authority should generally defer to the commercial wisdom of the

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**Reasoning:** The Adjudicating Authority considered the COC's decision to liquidate the Corporate

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**Interpretation:** Section 33 of the IB Code allows for the liquidation of a Corporate Debtor when

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**Application:** In this case, the COC had resolved to liquidate the Corporate Debtor, and the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Maktel Powe…
- **Advocates:** Arjun Pa…; Atul Sh…

## Timeline

- **2019-09-11 — Admission o…**: C.P. (I.B) No. 482/2019…
- **N/A — Appointment o…**: Mr. Dharit K Shah was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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