# 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-03540. 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-03540
- **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-aab4f3b4

## 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.

## 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) was appointed and later confirmed. A public announcement was made, and claims were received from financial and operational creditors. The Committee of Creditors (COC) held its 3rd meeting on 2023-03-23 and decided to liquidate the Corporate Debtor with 100% voting as no resolution plan was viable. The RP filed an application seeking liquidation and appointment as liquidator. The COC proposed the existing RP as the liquidator, but the tribunal found that the RP's name was not listed on the IBBI website. Consequently, the tribunal appointed Mr. Medarametla Rama Rao as the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Maestria Paints India Private …

**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 meeting, voted with 100% consensus to liquidate the Corporate Debtor as

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

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**Application:** The COC's unanimous decision, coupled with the absence of a resolution plan,

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Respondents:** Maestria Paints…; Pandu Ranga Rao &…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition bearing CP (IB) No.196/10/HDB/2021 filed by M/s. Maestria Paints India…
- **2023-01-06 — Admission of Company…**: The Adjudicating Authority…

## 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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