# In the matter of Maharashtra Ayurved Center Private Limited

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02491. The case pertains to an application filed by the Resolution Professional (RP) of Maharashtra…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02491
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maharashtra-ayurved-center-private-limited-a618215b

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Maharashtra Ayurved Center Private Limited, seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an order dated 09.06.2023, in a Company Petition filed by Bank of India under Section 7 of the Code. Despite issuing a public announcement, only one claim was received from the Financial Creditor. An invitation for Expression of Interest (EoI) was issued, but no EOIs were received. The Committee of Creditors (CoC) discussed the liquidation in its 4th meeting, noting that the Corporate Debtor had not conducted business since 2018, its factory was shut, and it had

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## Facts

The Resolution Professional, Mr. Deepak M. Panpaliya, filed an application seeking liquidation of Maharashtra Ayurved Center Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following a petition by Bank of India under Section 7 of the Code, admitted on 09.06.2023. A public announcement was issued on 11.06.2023, but only one claim was received from Bank of India. An invitation for Expression of Interest (EoI) was issued on 17.08.2023, with a submission deadline of 21.09.2023, but no EOIs were received. The Corporate Debtor had ceased business activities and its factory had been shut since 2018. The CoC approved the liquidation with a 100% majority on 11.10.2023. The Corporate Debtor also failed to comply with statutory

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Maharashtra Ayurved Center Private …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The Tribunal reasoned that no resolution plan was received within the stipulated time,

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** In this case, the application for liquidation was allowed because no resolution

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Deepak M.…
- **Respondents:** Maharashtra…; Bank of…
- **Advocates:** Mahee V…

## Timeline

- **2023-06-09 — Order for CIRP…**: Tribunal passed an order initiating Corporate Insolvency Resolution Process (CIRP)…
- **2023-06-11 — Public Annou…**: Public announcement was issued in two newspapers, calling upon the creditors of the…

## 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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