# In the matter of Mahabir Techno Limited IA No.774-2022 In CP (IB) No.70-Chd-Hry-2018

> NCLT judgment dated 2023-01-19. Citation: TCN-2023-NCLT-04996. The case pertains to IA No.774/2022 filed in CP (IB) No.70/Chd/Hry/2018, an admitted matter…

- **Court:** NCLT
- **Order date:** 19 Jan 2023
- **Citation:** TCN-2023-NCLT-04996
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahabir-techno-limited-ia-no774-2022-in-cp-ib-no70-chd-hry-2018-a026c001

## Summary

### Background

The case pertains to IA No.774/2022 filed in CP (IB) No.70/Chd/Hry/2018, an admitted matter under Section 54 of the Insolvency and Bankruptcy Code, 2016. The initial Company Petition was filed by Ashapura Perfoclay Limited, an Operational Creditor, against Mahabir Techno Limited, the Corporate Debtor, under Section 9 of the IBC. The Adjudicating Authority admitted the petition on 30.10.2018, initiating CIRP, and appointed Mr. Vinod Kumar Mahajan as the Interim Resolution Professional, who later became the Resolution Professional. Subsequently, on 22.02.2019, the Adjudicating Authority ordered the liquidation of the Corporate Debtor under Section 33(2) of the IBC, 2016, and appointed the Resolution Professional as Liquidator under Section 34(1) of the IBC, 2016. The

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## Facts

Ashapura Perfoclay Limited, an Operational Creditor, initiated corporate insolvency resolution process (CIRP) against Mahabir Techno Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 30.10.2018. Vinod Kumar Mahajan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Subsequently, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 22.02.2019 under Section 33(2) of the IBC, 2016, and appointed the Resolution Professional as Liquidator. The Liquidator made a public announcement on FORM B dated 27.02.2019. Two claims were received: one from Union Bank of India (Financial Creditor) for

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## Issues and analysis

### Issue 1: Whether the due process of liquidation, as per …

**Ratio:** The ratio is that the liquidator must adhere to the procedures and regulations outlined

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**Reasoning:** The court reasoned that the liquidator had submitted Form-H and that there were no

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**Interpretation:** This involves interpreting the various sections of the IBC and IBBI regulations

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**Application:** The court applied this ratio by examining the actions of the liquidator,

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Ashapura Perfoclay…
- **Respondents:** Mahabir Techno…
- **Advocates:** Saurabh Bh…

## Timeline

- **2018-10-30 — CIRP Init…**: Adjudicating Authority admitted the petition filed by Ashapura Perfoclay Limited and…
- **2019-02-22 — Liquidation…**: Adjudicating Authority ordered the liquidation of the Corporate Debtor under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52(1) — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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