# In the matter of MAA Tarini Industries Ltd. IA (IB) NO. 176-CB-2022 in C.P (IB) NO. 135-CTB-2019

> NCLT judgment dated 2022-07-13. Citation: TCN-2022-NCLT-01743. The application was filed by the Resolution Professional (RP) of M/S MAA Tarini Industries…

- **Court:** NCLT
- **Order date:** 13 Jul 2022
- **Citation:** TCN-2022-NCLT-01743
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maa-tarini-industries-ltd-ia-ib-no-176-cb-2022-in-cp-ib-no-135-ctb-2019-11f6cbc5

## Summary

### Background

The application was filed by the Resolution Professional (RP) of M/S MAA Tarini Industries Limited, the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, and was admitted on 26.07.2021. An interim resolution professional was appointed, and subsequently, the applicant was appointed as the Resolution Professional. Public announcements were made, and PEC Limited was identified as the sole financial creditor. The erstwhile directors failed to submit complete books of accounts, leading to a pending application under Section 19(2) of IBC 2016. The IRP called for Expression of Interest (EOI), and several prospective resolution applicants showed interest, but only one submitted

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## Facts

M/S MAA Tarini Industries Limited is the corporate debtor. PEC Limited is the sole financial creditor. The CIRP was initiated under Section 7 of the IBC and admitted on 26.07.2021. Mr. Sunder Khatri was the Resolution Professional. The IRP called for EOIs, and M/s Sponge Sales India Pvt Ltd initially showed interest but later withdrew. The directors failed to submit complete books of accounts. The eleventh COC meeting authorized the RP to file for liquidation under Section 33(2) of the IBC. The corporate debtor has no tangible assets and no prospective investor. The RP showed disinclination to act as liquidator. Mr. Gagan Bihari Bhuyan was appointed as the new liquidator.

## Issues and analysis

### Issue 1: Whether the corporate debtor, M/S MAA Tarini Industries Limited, should be liquidated under Section …

**Ratio:** Section 33(2) of the IBC allows for the initiation of liquidation proceedings when no

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**Reasoning:** The court reasoned that no resolution plan was received, the corporate debtor had no

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**Interpretation:** Section 33(2) is interpreted to mean that if a corporate debtor is unable to

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**Application:** Given the absence of a resolution plan and the lack of tangible assets, the

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Sunder K…
- **Respondents:** M/S MAA TARINI…; PEC LIM…
- **Advocates:** Pura Chau…

## Timeline

- **2021-07-26 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) against the corporate debtor was…
- **2021-07-29 — Public Annou…**: IRP effected public announcement in English daily Business Standard and vernacular Oriya…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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