# In the matter of Monorex Pvt. Ltd. MA-886-2019 in CP-1381-(IB)-2018

> NCLT judgment dated 2020-02-18. Citation: TCN-2020-NCLT-01909. The case pertains to the liquidation of Monorex Pvt Ltd under the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Feb 2020
- **Citation:** TCN-2020-NCLT-01909
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/monorex-pvt-ltd-ma-886-2019-in-cp-1381-ib-2018-626f0e75

## Summary

### Background

The case pertains to the liquidation of Monorex Pvt Ltd under the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT), Chennai Bench, is hearing the matter. The Insolvency and Bankruptcy Board of India (IBBI) recommended Mr. Devadoss Duraiswami Reddy to be appointed as the liquidator.

## Facts

The National Company Law Tribunal (NCLT), Chennai Bench, is overseeing the liquidation of Monorex Pvt Ltd. The Insolvency and Bankruptcy Board of India (IBBI) recommended Mr. Devadoss Duraiswami Reddy as the liquidator. The NCLT appointed Mr. Reddy as the liquidator, instructing him to follow the Insolvency and Bankruptcy Code (IBC), 2016, and related regulations. The order mandates the liquidator to investigate the financial affairs of the corporate debtor, issue public announcements regarding the liquidation, and adhere to Section 33(7) of the IBC, 2016, which deems the order a notice of discharge. The order also directs the registry to communicate the order to the Registrar of Companies, Chennai, and the IBBI. The moratorium under Section 14 of the IBC is lifted,

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## Issues and analysis

### Issue 1: Whether Mr. Devadoss Duraiswami Reddy should be appointed as the liquidator of the Company in …

**Ratio:** The Tribunal has the power to appoint a liquidator based on the recommendation of the

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**Reasoning:** The Tribunal considered the recommendation of the IBBI and found it appropriate to

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**Interpretation:** The interpretation is that the IBBI's recommendation carries significant weight

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**Application:** Based on the IBBI's recommendation, Mr. Devadoss Duraiswami Reddy was appointed

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** M MURUGESA…
- **Respondents:** MONOREX P…

## Timeline

- **2020-02-18 — Hearing…**: The hearing was held on…
- **2020-02-12 — IBBI Commun…**: IBBI's communication regarding the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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