# In the matter of Mega Soft Infrastructure Pvt. Ltd. (IB)- 260(ND)-2017

> NCLT judgment dated 2018-02-28. Citation: TCN-2018-NCLT-01760. The case involves a final report filed by the Resolution Professional (RP) under CA No.…

- **Court:** NCLT
- **Order date:** 28 Feb 2018
- **Citation:** TCN-2018-NCLT-01760
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mega-soft-infrastructure-pvt-ltd-ib-260nd-2017-d5fab4a3

## Summary

### Background

The case involves a final report filed by the Resolution Professional (RP) under CA No. 60/2018. The Committee of Creditors (COC) has resolved to proceed with liquidation. The ex-directors have not cooperated by providing title deeds of the properties belonging to the Corporate Debtor. The RP has taken steps to procure these from the NOIDA authority. The ex-directors have raised objections regarding the RP's consideration of various other bookings and shareholder claims as shown in the balance sheets.

## Facts

The Resolution Professional filed a final report under CA No. 60/2018. The Committee of Creditors (COC) decided to proceed with liquidation after the 180-day period expired on February 19, 2018. The ex-directors of the Corporate Debtor did not cooperate by providing title deeds of the properties. The Resolution Professional took steps to procure the title deeds from the NOIDA authority. The ex-directors raised objections regarding the Resolution Professional's consideration of various other bookings and the claims of the shareholders as shown in the balance sheets. The court directed the Resolution Professional to ensure that every claim is entertained. The Resolution Professional appointed in this case is confirmed as the Liquidator.

## Issues and analysis

### Issue 1: Whether the decision of the COC to …

**Ratio:** The COC's decision to proceed with liquidation is generally upheld if it is made within

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**Reasoning:** The court found no grounds to procrastinate the decision of the COC to go in for

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**Interpretation:** The IBC provides a framework for the resolution of insolvency, and the COC

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**Application:** In this case, the court implicitly accepted the COC's decision to proceed with

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Appellants:** Neelam…
- **Respondents:** Mega Soft…; M/s. Mega Soft…

## Timeline

- **2018-02-19 — Expiry of 1…**: The period of 180 days…
- **2018-02-28 — Hearing…**: Hearing before the National Company…

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