# In the matter of Maiia Commodity Management Pvt. Ltd. I.A. 113 & 287-2021, M.A. 143,355,361,379,383 & 389-2019 in C.P (IB)-1795(MB)-2018

> NCLT judgment dated 2022-03-31. Citation: TCN-2022-NCLT-03458. The case involves a hearing before the Mumbai Bench of the National Company Law Tribunal (NCLT)…

- **Court:** NCLT
- **Order date:** 31 Mar 2022
- **Citation:** TCN-2022-NCLT-03458
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maiia-commodity-management-pvt-ltd-ia-113-287-2021-ma-143355361379383-389-2019-i-a5d1d57a

## Summary

### Background

The case involves a hearing before the Mumbai Bench of the National Company Law Tribunal (NCLT) concerning Maiia Commodity Management Pvt. Ltd. The matter pertains to Section 10 of the Insolvency and Bankruptcy Code, 2016. The liquidator has not completed the liquidation process even after 3 years and is not present before the bench.

## Facts

The hearing concerns Maiia Commodity Management Pvt. Ltd. The liquidator, Ms. Jovita Reema Mathias, has not completed the liquidation process even after 3 years. The liquidator was mentioned in the cause list to be present, but she was not present before the bench. The counsel appearing for the liquidator mentioned that he does not have any instruction from the liquidator. Ms. Anamika Singh i/b. IndusLaw, counsel appearing for the HDFC Bank, and Piyush Deshpandey, counsel appearing for the Liquidator are present through virtual hearing.

## Issues and analysis

### Issue 1: Whether the liquidator's failure to complete the liquidation process within a reasonable timeframe …

**Ratio:** Liquidators have a duty to efficiently and diligently complete the liquidation process

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**Reasoning:** The court notes the significant delay of 3 years in completing the liquidation process.

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**Interpretation:** The IBC mandates a time-bound resolution process. A delay of 3 years is

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**Application:** Given the 3-year delay, the court deems it necessary for IBBI to investigate

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Respondents:** MAIIA COMMODITY…

## Timeline

- **2022-03-31 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…
- **2022-05-10 — Next Hearin…**: Matter listed for…

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