# In the matter of Man Tubinox Ltd. I.A. 362 OF 2021 in C.P. No. 4348 of 2018

> NCLT judgment dated 2021-10-22. Citation: TCN-2021-NCLT-00717. The case pertains to an application (I.A. 362/2021) filed under Section 33(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 22 Oct 2021
- **Citation:** TCN-2021-NCLT-00717
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/man-tubinox-ltd-ia-362-of-2021-in-cp-no-4348-of-2018-15e63e56

## Summary

### Background

The case pertains to an application (I.A. 362/2021) filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the Corporate Debtor, Man Tubinox Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against Man Tubinox Ltd. following the admission of a petition under Section 7 of the Code by Bank of Baroda (formerly Dena Bank). The Resolution Professional (RP) was appointed and later confirmed by the Committee of Creditors (CoC). Despite multiple invitations for Expression of Interest, no viable resolution plan was received. The CoC, in its 16th meeting, resolved to liquidate the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Man Tubinox Ltd. based on a petition filed by Bank of Baroda (formerly Dena Bank) under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vikash Prakash Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued multiple invitations for Expression of Interest (EOI) to find a resolution applicant. Man Tubes Ltd. submitted an EOI but failed to comply with the Earnest Money Deposit requirements. Two prospective resolution applicants, MTL Pipes Ltd. and Man Industries (India) Ltd., expressed interest but failed to comply with the Request for Resolution Plan (RFRP) requirements and withdrew their expressions of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Man Tubinox Ltd., should be …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the Committee of

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**Reasoning:** The court reasoned that despite multiple attempts to find a resolution applicant, no

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP process fails

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**Application:** In this case, the CIRP process failed to yield a viable resolution plan, and

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Vikas Prakash…
- **Respondents:** Man Tubin…

## Timeline

- **2018-01-01 — C.P. No. 4348/I&B/MB/201…**: Filing of Company…
- **2019-06-12 — Admission of…**: Tribunal admitted the petition under Section 7 of the Code, filed by Bank of Baroda…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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