# In the matter of MAHILA UDYOG LIMITED

> NCLT judgment dated 2025-04-01. Citation: TCN-2025-NCLT-00282. The case pertains to an application filed by the Resolution Professional (RP), Mr. Haresh…

- **Court:** NCLT
- **Order date:** 1 Apr 2025
- **Citation:** TCN-2025-NCLT-00282
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahila-udyog-limited-2c41597d

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP), Mr. Haresh Babulal Shah, for the liquidation of M/s. Mahila Udyog Limited, the Corporate Applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated following the filing of C.P.(IB)1253/MB/C-II/2022 under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on July 30, 2024. The RP published a public announcement inviting claims from creditors, and only one operational creditor responded. The RP determined that the Corporate Applicant had no financial creditors. The Committee of Creditors (CoC), comprising the sole operational creditor, approved a resolution for the liquidation of the Corporate Debtor.

## Facts

M/s. Mahila Udyog Limited, the Corporate Applicant, initiated Corporate Insolvency Resolution Process (CIRP) by filing C.P.(IB)1253/MB/C-II/2022 under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 2024-07-30. Mr. Haresh Babulal Shah was appointed as the Interim Resolution Professional (IRP). A public announcement was made, inviting claims from creditors. Only one operational creditor, Kirloskar Industries Limited, submitted a claim, which was admitted for Rs. 3,85,87,033.84. The IRP determined that the Corporate Applicant had no financial creditors. The Committee of Creditors (CoC) was formed, consisting solely of Kirloskar Industries Limited. The CoC unanimously approved a resolution for the liquidation of the Corporate Debtor. The

…

## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) can initiate liquidation even before inviting resolution …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, read with its Explanation,

…

**Reasoning:** The Tribunal relied on the judgment in Sunil Surrendrakumar Kakkad Vs. Sujyot

…

**Interpretation:** The interpretation of Section 33(2) and its Explanation suggests that the

…

**Application:** In this case, the CoC, consisting of the sole operational creditor, unanimously

…

## Parties

- **Judges:** SANJIV…; ASHISH…
- **Respondents:** M/s. Mahila Udyog…

## Timeline

- **2022-01-01 — Filing of C.P.(IB)1253/M…**: M/s. Mahila Udyog Limited filed C.P.(IB)1253/MB/C-II/2022 under Section 10 of the…
- **2024-07-30 — Commencement…**: The Corporate Insolvency…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahila-udyog-limited-2c41597d