# OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED vs. MCRAYGOR MECHANICALS PRIVATE LIMITED

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00744. An insolvency petition was filed by Overseas Infrastructure Alliance (India) Private Limited…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00744
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/overseas-infrastructure-alliance-india-private-limited-vs-mcraygor-mechanicals-p-ac5uu

## Summary

### Background

An insolvency petition was filed by Overseas Infrastructure Alliance (India) Private Limited (Operational Creditor) against Mcraygor Mechanicals Private Limited (Corporate Debtor) under Section 9 of the IBC. Mr. Naveen Kumar Jain was appointed as IRP/RP. The CoC, comprising SIDBI and Bank of Baroda, was constituted. An Expression of Interest (EOI) was invited, but the resolution plan submitted by Mr. Vijay Kumar (erstwhile Promoter/Director) was found ineligible. A subsequent settlement proposal under Section 12A of the Code also failed to materialize due to non-compliance and lack of approval from the CoC and Operational Creditor.

## Facts

An insolvency petition was filed under Section 9 of the Code by the Operational Creditor against the Corporate Debtor.

The petition was admitted vide order dated 08.02.2023, and Mr. Naveen Kumar Jain was appointed as Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was constituted, comprising Small Industries Development Bank of India (SIDBI) and Bank of Baroda.

In the first CoC meeting on 13.03.2023, the CoC resolved to appoint the IRP to act as the Resolution Professional (RP).

The Adjudicating Authority appointed Mr. Naveen Kumar Jain as the Resolution Professional on 09.06.2023.

In the 4th CoC meeting on 13.06.2023, the CoC approved inviting Expression of Interest (EOI) in Form G.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Mcraygor Mechanicals Private Limited, should be liquidated under …

**Ratio:** Liquidation is ordered when no resolution plan is approved, no settlement is reached, and

…

**Reasoning:** The Corporate Debtor was admitted into CIRP. A resolution plan was found ineligible. A

…

**Interpretation:** Section 33(1) of the IBC mandates liquidation if the Adjudicating Authority

…

**Application:** Given the failure of the CIRP to yield an approved resolution plan or

…

## Parties

- **Judges:** KAUSHALENDRA…; KHETRABASI…
- **Appellants:** OVERSEAS INFRASTRU…; Naveen Kuma…
- **Respondents:** Mcraygor Mechanica…
- **Other parties:** Small Industries…; Bank of B…; +1 more
- **Advocates:** Balwinder Singh…

## Timeline

- **2023-02-08 — CIRP Admission and IRP…**: Insolvency petition admitted, and Mr. Naveen Kumar Jain appointed as Interim Resolution…
- **2023-03-13 — First CoC M…**: Committee of Creditors (CoC) resolved to appoint the IRP to act as the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/overseas-infrastructure-alliance-india-private-limited-vs-mcraygor-mechanicals-p-ac5uu