# In the matter of Meka Dredging Company Private Limited MA-344-2018 In CP-541-IB-2017

> NCLT judgment dated 2018-09-20. Citation: TCN-2018-NCLT-00731. The case involves a Miscellaneous Application (MA/344/2018) filed in CP/541/IB/2017 under…

- **Court:** NCLT
- **Order date:** 20 Sept 2018
- **Citation:** TCN-2018-NCLT-00731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meka-dredging-company-private-limited-ma-344-2018-in-cp-541-ib-2017-10536074

## Summary

### Background

The case involves a Miscellaneous Application (MA/344/2018) filed in CP/541/IB/2017 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Meka Dredging Company Private Limited. The Corporate Debtor was undergoing Corporate Insolvency Resolution Process (CIRP) since 2018-02-09, which expired on 2018-08-08. The CIRP was initiated following a petition filed by the Financial Creditor, M/s. L&T Finance Limited, under Section 7 of the I&B Code, 2016. The Resolution Professional (RP) made a public announcement inviting claims from creditors. The Committee of Creditors (CoCs) was constituted, and they appointed Mr. Dhiren Shantilal Shah as RP. Despite efforts, no resolution plan was

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## Facts

M/s. Meka Dredging Company Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 2018-02-09. The CIRP period of 180 days expired on 2018-08-08. The CIRP was initiated by M/s. L&T Finance Limited, the Financial Creditor, under Section 7 of the I&B Code, 2016. Mr. Dhiren Shantilal Shah was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made inviting claims from creditors. The Committee of Creditors (CoCs) was constituted. The CoCs voted on a resolution for liquidation, with ARCIL holding 70.11% vote share voting in favor of liquidation and L&T Finance holding 29.89% vote share voting against it. No resolution plan was forthcoming despite the efforts

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## Issues and analysis

### Issue 1: Whether the Miscellaneous Application MA/344/2018 filed under Section 33(2) of the I&B Code, …

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

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**Reasoning:** The CoCs approved the resolution for liquidation with 70.11% vote share, indicating that

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

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**Application:** In this case, the CoCs voted in favor of liquidation, and the Resolution

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. Meka…

## Timeline

- **2017-01-01 — CP/541/IB/CB/2…**: CP/541/IB/CB/2017 was…
- **2018-02-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Meka Dredging…

## 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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