# In the matter of Millennium Wires Private Limited CA No. 142-2019 In CP (IB) No. 159-Chd-Pb-2018

> NCLT judgment dated 2019-03-14. Citation: TCN-2019-NCLT-04427. The case involves an application filed by the Resolution Professional (RP) of M/s. Millennium…

- **Court:** NCLT
- **Order date:** 14 Mar 2019
- **Citation:** TCN-2019-NCLT-04427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/millennium-wires-private-limited-ca-no-142-2019-in-cp-ib-no-159-chd-pb-2018-182a0a72

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of M/s. Millennium Wires Private Limited (Corporate Debtor) seeking an order for the liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Oriental Bank of Commerce (Financial Creditor). The petition was admitted on 2018-08-30, and a moratorium was declared. Adesh Kumar Singla was appointed as the Interim Resolution Professional (IRP) on 2018-09-07 and later retained as the Resolution Professional. Form G was published to invite Expression of Interest (EOI), but no resolution plan was received. The Committee of Creditors (COC) decided on 2019-02-12 that

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## Facts

Oriental Bank of Commerce, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Millennium Wires Private Limited, the Corporate Debtor. The petition was admitted on 2018-08-30, and a moratorium was declared. Adesh Kumar Singla was appointed as the Interim Resolution Professional (IRP) on 2018-09-07 and later retained as the Resolution Professional. Form G was published to invite Expression of Interest (EOI) with a deadline of 2018-11-25, but no resolution plan was received. The Committee of Creditors (COC) decided on 2019-02-12 that liquidation was the only alternative. The COC noted that the corporate debtor's assets had already been sold by

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The court reasoned that the conditions provided in Section 33(2) of the Code were

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when a resolution plan

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**Application:** In this case, the last date for submission of a resolution plan was 2019-01-09,

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** M/s. Millennium…

## Timeline

- **2018-08-30 — Petition Ad…**: Petition under Section 7 of the Code was…
- **2018-09-07 — Appointment…**: Adesh Kumar Singla was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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