# In the matter of Moser Baer India Ltd. CA-756-(PB)-2018 in CP No. (IB)-378-(PB)-2017

> NCLT judgment dated 2018-09-20. Citation: TCN-2018-NCLT-00733. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Moser…

- **Court:** NCLT
- **Order date:** 20 Sept 2018
- **Citation:** TCN-2018-NCLT-00733
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/moser-baer-india-ltd-ca-756-pb-2018-in-cp-no-ib-378-pb-2017-a43101e4

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Moser Baer India Limited. Alchemist Asset Reconstruction Company Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP. The application was admitted on 2017-11-14, and Mr. Debendra Singh was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and took over the management of the corporate debtor's assets. The IRP also appointed registered valuers to determine the liquidation value and prepared an Information Memorandum. Despite multiple extensions, no resolution plan was received, leading the Committee of Creditors (CoC) to decide on liquidation.

## Facts

Alchemist Asset Reconstruction Company Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Moser Baer India Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2017-11-14, and Mr. Debendra Singh was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement, took over the management of the corporate debtor's assets, and appointed registered valuers. The IRP also prepared an Information Memorandum. The Committee of Creditors (CoC) approved the extension of the CIRP period. Despite multiple extensions for submission of resolution plans, no plan was received. Dixon Technologies (India) Limited submitted an Expression of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Moser Baer India Limited, should …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that despite multiple extensions of the CIRP period and advertisements

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the court applied the ratio of Section 33 to the facts, noting

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Anil K…
- **Respondents:** Moser Baer India…

## Timeline

- **2017-11-14 — CIRP Init…**: Application under Section 7 of IBC admitted; CIRP initiated against Moser Baer India…
- **2017-11-14 — Appointment…**: Mr. Debendra Singh appointed as…

## 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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