# In the matter of Matrix Bizcom Pvt. Ltd. IA No. 271-2021 in C.P.(IB) No. 2794-MB-2019

> NCLT judgment dated 2021-02-23. Citation: TCN-2021-NCLT-02951. The Resolution Professional (RP) filed an application under Section 33 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 23 Feb 2021
- **Citation:** TCN-2021-NCLT-02951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/matrix-bizcom-pvt-ltd-ia-no-271-2021-in-cpib-no-2794-mb-2019-8ff99711

## Summary

### Background

The Resolution Professional (RP) filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Matrix Bizcom Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was conducted, but no Resolution Applicant showed interest in filing a Resolution Plan. The Committee of Creditors (CoC), with 100% voting share, decided on 2020-12-15 to liquidate the Corporate Debtor and appoint the present RP as the Liquidator with a fee of Rs. 40,000 per month for 6 months. The CoC also approved the total cost of Liquidation, stated as Rs. 7,71,000.

## Facts

Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Matrix Bizcom Pvt. Ltd. The Resolution Professional (RP) was appointed. Despite conducting the CIRP, no Resolution Applicant showed interest in submitting a resolution plan. The Committee of Creditors (CoC), holding 100% voting share, convened on December 15, 2020, and resolved to liquidate the Corporate Debtor. The CoC also decided to appoint the existing RP as the Liquidator, with a monthly fee of Rs. 40,000 for a period of 6 months. The total cost of liquidation was approved by the CoC, amounting to Rs. 7,71,000. The RP then filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the Corporate Debtor. The relevance of these

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court reasoned that since no resolution plan was received during the CIRP and the

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

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**Application:** In this case, the CIRP failed, and the CoC decided to liquidate Matrix Bizcom

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Punjab National…
- **Respondents:** Matrix Bizcom…

## Timeline

- **2020-12-15 — CoC Meet…**: The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor and appoint…
- **2021-02-23 — Order Da…**: The NCLT approved the application for…

## 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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