# In the matter of Max-Tech Oil & Gas Services Pvt. Ltd. (IB)-48(PB)-2017

> NCLT judgment dated 2018-06-12. Citation: TCN-2018-NCLT-01289. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal after…

- **Court:** NCLT
- **Order date:** 12 Jun 2018
- **Citation:** TCN-2018-NCLT-01289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/max-tech-oil-gas-services-pvt-ltd-ib-48pb-2017-60d2a091

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal after admitting a Company Application. Mr. Atanu Mukherjee was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anil Kohli was appointed as the Resolution Professional (RP) following an application by the Committee of Creditors (COC). During a hearing, the Tribunal was informed that the COC recommended liquidation with over 75% of the financial creditors in agreement. ICICI Bank Limited, a financial creditor, had no objection to the liquidation. An application was filed by one of the Financial Creditors, and Bank of India claimed to be the lead banker. The assets of the Corporate Debtor (CD) are mixed with those of Shiv Vani Oil & Gas Exploration Services Ltd.

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## Facts

Agarwal Marketing and Services (Energy) Pvt. Ltd., an operational creditor, initiated CIRP against Max-Tech Oil & Gas Services Pvt. Ltd. The CIRP was initiated, and an IRP was appointed, later replaced by an RP. The COC recommended liquidation with over 75% agreement among financial creditors. ICICI Bank had no objection to liquidation. The Corporate Debtor's assets are mixed with those of Shiv Vani Oil & Gas Exploration Services Ltd. (SVOGL), which is also under liquidation. The RP sought an order under Section 33 of the IBC, 2016, for liquidation. The liquidation value of the assets is Rs.26.71 crores against a total debt of Rs.213.70 crores. The COC decided on 13.3.2018 to inform the Tribunal about the developments related to SVOGL.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated given the recommendation of the Committee of …

**Ratio:** Section 33(2) of the IBC, 2016, allows the Tribunal to order liquidation when the COC has

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**Reasoning:** The Tribunal considered the COC's decision to recommend liquidation and the fact that no

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**Interpretation:** The absence of a resolution plan and the COC's recommendation for liquidation

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the COC

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## Parties

- **Judges:** R. VARADH…; Deepa Kr…; +1 more
- **Appellants:** Agarwal Marketing…
- **Respondents:** M/s. Max Tech Oil…

## Timeline

- **2017-05-01 — Order Da…**: Tribunal passed an order admitting the main Petition being Company Application No.…
- **2017-06-02 — RP Appoin…**: Mr. Anil Kohli was appointed as…

## 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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