# In the matter of Maeksin Shipping Co. Private Limited IA(IBC)-267(KB)2023 in CP(IB)-1226(KB)2019

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-02790. The case pertains to an application filed under section 33 read with section 60(5) of the…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-02790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maeksin-shipping-co-private-limited-iaibc-267kb2023-in-cpib-1226kb2019-99b542af

## Summary

### Background

The case pertains to an application filed under section 33 read with section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Maeksin Shipping Company Private Limited, the Corporate Debtor, seeking liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 14/07/2022, following a petition filed by Asset Reconstruction Company India Limited, the Financial Creditor, under section 7 of the IBC. Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional (IRP). Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC appointed registered valuers and a transaction auditor. Despite inviting expressions of

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## Facts

Asset Reconstruction Company India Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Maeksin Shipping Company Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 14/07/2022. Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, leading to the formation of a Committee of Creditors (CoC). The CoC held its first meeting on 04/08/2022. The IRP admitted a claim of Rs.3,62,099/- from Employees State Insurance Corporation (ESIC). The CoC appointed registered valuers and a transaction auditor. Despite inviting

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Maeksin …

**Ratio:** Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Adjudicating Authority reasoned that the conjoint reading of section 33(1)(a) and

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**Interpretation:** Section 33 of the IBC provides a clear framework for the Adjudicating Authority

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**Application:** In this case, the Adjudicating Authority applied the provisions of section 33

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Maeksin Shipping…; Asset Reconstructi…

## Timeline

- **2022-07-14 — CIRP Init…**: CIRP initiated against Maeksin Shipping Company Private Limited by Asset Reconstruction…
- **2022-07-18 — Public Annou…**: Public announcement made in 'Business Standard' and 'Ek Din' inviting claims from…

## Legal provisions

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

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