# In the matter of Majestic Market Research Support Services Limited

> NCLT judgment dated 2024-05-15. Citation: TCN-2024-NCLT-01348. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 May 2024
- **Citation:** TCN-2024-NCLT-01348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/majestic-market-research-support-services-limited-5b37f242

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by Mr. Anil Seetaram Vaidya, the Resolution Professional (RP) of Majestic Market Research Support Services Limited (the Corporate Debtor), seeking a liquidation order. The application was based on a resolution passed by the Committee of Creditors (CoC) in its 11th meeting held on 24.03.2023. The Corporate Insolvency Resolution Process (CIRP) was initiated on 17.12.2019, and Mr. Dhiren Shah was appointed as the Interim Resolution Professional (IRP). The IRP published a public announcement inviting claims from creditors, and a CoC was constituted. However, the IRP could not take control of the Corporate Debtor's assets due to non-cooperation from the suspended

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Majestic Market Research Support Services Limited on 17.12.2019. Mr. Dhiren Shah was appointed as the Interim Resolution Professional (IRP). The IRP published Form A inviting claims from creditors, and a Committee of Creditors (CoC) was constituted. The IRP could not take control of the Corporate Debtor's assets due to non-cooperation from the suspended directors. Registered valuers were appointed, but the valuation was kept in abeyance. Expressions of Interest (EoI) were invited, but none were received. The CoC resolved to replace the IRP with Mr. Anil Seetaram Vaidya. An application for exclusion of the CIRP period from 25.03.2020 to 31.10.2020 was filed due to the Covid-19 pandemic, and an

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Majestic Market Research Support Services Ltd., should be liquidated …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that despite multiple attempts to find a resolution plan, including

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the court applied the ratio by considering the CoC's resolution

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Respondents:** Majestic Market…
- **Advocates:** Manoj M…

## Timeline

- **2019-12-17 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Majestic Market Research…
- **2019-12-17 — Appointment…**: Mr. Dhiren Shah appointed as 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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