# In the matter of Mariners Buildcon India Ltd. CA-431 & 432(PB)-2018 In CP No. (IB)-185-2017

> NCLT judgment dated 2018-06-01. Citation: TCN-2018-NCLT-01342. The case involves an application filed by the resolution professional, Mr. Dinesh Sood, under…

- **Court:** NCLT
- **Order date:** 1 Jun 2018
- **Citation:** TCN-2018-NCLT-01342
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mariners-buildcon-india-ltd-ca-431-432pb-2018-in-cp-no-ib-185-2017-5856abdd

## Summary

### Background

The case involves an application filed by the resolution professional, Mr. Dinesh Sood, under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Mariners Buildcon India Ltd. The resolution professional faced challenges due to the non-availability of records, promoters, and directors. The corporate debtor was virtually non-operational, and its registered office was closed for a long time. The resolution professional also sought relief from his present assignment and the appointment of a liquidator. The Committee of Creditors (CoC) was directed to pay the expenses of the Corporate Insolvency Resolution Process (CIRP).

## Facts

Mr. Inder Preet Singh, a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Mariners Buildcon India Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Prabhjit Singh Soni was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Subsequently, Mr. Dinesh Sood replaced him as the Resolution Professional. The Resolution Professional faced difficulties due to the unavailability of the corporate debtor's promoters, directors, and records. The corporate debtor was virtually non-operational, and its registered office was closed. The Resolution Professional received limited records from the previous Statutory Auditor and the earlier Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Mariners Buildcon India Ltd., should be liquidated due to the failure …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 mandates liquidation if no

…

**Reasoning:** The Tribunal observed that no resolution plan was received within the stipulated 270-day

…

**Interpretation:** Section 33(1)(a) of the Code provides that where the Adjudicating Authority,

…

**Application:** In this case, the Resolution Professional had invited prospective resolution

…

## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Inder Preet…
- **Respondents:** Mariners Buildcon…

## Timeline

- **2017-01-01 — CP No. (IB)-185/2017…**: CP No. (IB)-185/2017 filed by Inder Preet Singh-Financial Creditor under Section 7 of the…
- **2017-10-05 — Appointment…**: Mr. Prabhjit Singh Soni was appointed as IRP and subsequently confirmed as Resolution…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/mariners-buildcon-india-ltd-ca-431-432pb-2018-in-cp-no-ib-185-2017-5856abdd