# In the matter of Margra Industries Limited C.A. 121-2020 in Company Petition No. (IB)- 866 (PB)-2018

> NCLT judgment dated 2020-10-15. Citation: TCN-2020-NCLT-00378. The case involves an application filed by the Resolution Professional under Section 33(1) of…

- **Court:** NCLT
- **Order date:** 15 Oct 2020
- **Citation:** TCN-2020-NCLT-00378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/margra-industries-limited-ca-121-2020-in-company-petition-no-ib-866-pb-2018-f76ce9b4

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s. Margra Industries Limited. The CIRP was initiated following an application under Section 7 of the Code, which was admitted on 15.03.2019. Mr. Rajender Kumar Girdhar was appointed as the Interim Resolution Professional (IRP). Public announcement in Form-A was issued on 29.03.2019. The Committee of Creditors (CoC) was constituted on 24.04.2019, and they appointed the applicant as the Resolution Professional. Expression of Interest (Eol) was issued thrice, but the sole applicant, Mr. R.P. Khosla, was found ineligible. The CIRP period ended on 22.09.2019 without a

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Margra Industries Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 15.03.2019, and Mr. Rajender Kumar Girdhar was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted on 24.04.2019 and subsequently appointed the applicant as the Resolution Professional. Despite multiple attempts to find a resolution plan, including issuing Expressions of Interest (Eols), no viable plan was received. One applicant, Mr. R.P. Khosla, submitted an Eol but was found ineligible. The CIRP period ended on 22.09.2019 without a

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Margra Industries Limited, should …

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

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**Reasoning:** The court reasoned that despite multiple attempts, no viable resolution plan was received

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**Interpretation:** Section 33(1) is interpreted to mean that if the CIRP fails to produce a

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**Application:** The court applied this ratio to the facts by noting that the CIRP period had

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## Parties

- **Judges:** SHRI. B.S.V…; SHRI. HEMANT…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Margra Industries…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No. (IB) –…
- **2019-03-15 — CIRP Init…**: Application under Section 7 of the Code was admitted, initiating CIRP against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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