# In the matter of Mathstraman Manufacturers and Traders Private Limited IA (IBC)-139-KOB-2021 in IBA-04-KOB-2020

> NCLT judgment dated 2021-12-21. Citation: TCN-2021-NCLT-00123. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLT-00123
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mathstraman-manufacturers-and-traders-private-limited-ia-ibc-139-kob-2021-in-iba-750d696d

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Mathstraman Manufacturers and Traders Private Limited by Union Bank of India. The Tribunal admitted the application on 2020-11-20. An Interim Resolution Professional (IRP) was appointed, who published a public announcement and formed a Committee of Creditors (CoC). The CoC confirmed the IRP as the Resolution Professional (RP). The RP convened meetings of the CoC to discuss CIRP costs and invite Expressions of Interest (EOI). Despite efforts, no resolution plan was received. The CoC then passed a resolution for liquidation of the Corporate Debtor.

## Facts

Union Bank of India initiated CIRP against M/s Mathstraman Manufacturers and Traders Private Limited. The Tribunal admitted the application on 2020-11-20. K. Easwara Pillai was appointed as the IRP and later confirmed as the RP. The RP published Form G to invite Expression of Interest (EOI) from prospective resolution applicants. The 2nd CoC meeting was held on 2021-02-22 to discuss CIRP costs. The 3rd CoC meeting was convened on 2021-03-26, where the resolution to publish Form G was discussed. The last date to submit the EOI was 2021-04-13. The 4th CoC meeting was held on 2021-06-02, where the applicant apprised the members that the applicant is not in receipt of any Expression of Interest or Resolution Plan for the revival of the Corporate Debtor and sought

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be put under liquidation as per Section 33(2) of the I&B …

**Ratio:** Section 33(2) of the I&B Code, 2016, empowers the Adjudicating Authority to pass a

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**Reasoning:** The Committee of Creditors, with 100% voting rights, resolved to liquidate the Corporate

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

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor, coupled

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Respondents:** M/s MATHSTRAMAN…
- **Advocates:** Muralikri…

## Timeline

- **2020-11-20 — CIRP Init…**: Tribunal admitted the application filed by Union Bank of India against M/s Mathstraman…
- **2020-12-16 — 1st CoC M…**: The Applicant convened the 1st Meeting of the CoC wherein, a Resolution was passed by 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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