# In the matter of Maestria Paints India Private Limited IA No.637 of 2023 in CP(IB) No. 196-10-HDB-2021

> NCLT judgment dated 2023-05-01. Citation: TCN-2023-NCLT-03549. The case involves an application filed by the Resolution Professional (RP) of Maestria Paints…

- **Court:** NCLT
- **Order date:** 1 May 2023
- **Citation:** TCN-2023-NCLT-03549
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maestria-paints-india-private-limited-ia-no637-of-2023-in-cpib-no-196-10-hdb-202-225a4eb7

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Maestria Paints India Private Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP sought liquidation of the Corporate Debtor and appointment of the RP as the liquidator. The Adjudicating Authority had previously admitted a Company Petition filed by Maestria Paints India Private Limited under Section 10 of the IBC and initiated the Corporate Insolvency Resolution Process (CIRP). The applicant was appointed as Interim Resolution Professional and later confirmed as Resolution Professional after the first Committee of Creditors (COC) meeting.

## Facts

Maestria Paints India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after a Company Petition was admitted by the Adjudicating Authority. The Resolution Professional (RP) issued a public announcement inviting claims from creditors. Claims were received from both financial and operational creditors, including Sri Kantam Anasuya, Employees State Insurance Corporation, Mr. Hansaram Chowdhary, Mr. Uttam Choudhary, VL Sharada, and RD V Prasad. The Committee of Creditors (COC) decided in its 3rd meeting to liquidate the Corporate Debtor with 100% voting, citing the absence of a resolution plan. The RP then filed an application seeking liquidation and appointment as liquidator. The COC proposed Mr. Malireddy Ramana Reddy as liquidator, but his name

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Maestria Paints India Private Limited, should be liquidated under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

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**Reasoning:** The COC, in its 3rd meeting, decided to liquidate the Corporate Debtor with 100% voting

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** Given the COC's decision and the absence of a resolution plan, the Adjudicating

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Respondents:** Maestria Paints…; Mr.Pandu Ra…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition IB/196/2021 filed by M/s.…
- **2023-01-06 — Admission of Company…**: Adjudicating Authority admitted the Company Petition CP (IB) No.196/10/HDB/2021 and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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