# In the matter of Makalu Trading Limited

> NCLT judgment dated 2024-05-08. Citation: TCN-2024-NCLT-01394. The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 May 2024
- **Citation:** TCN-2024-NCLT-01394
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/makalu-trading-limited-bd8523f5

## Summary

### Background

The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Makalu Trading Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Zenil Traders Private Limited, an Operational Creditor, under Section 9 of the Code. The CIRP period expired without approval of a resolution plan, leading to the current application for liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Makalu Trading Limited ('Corporate Debtor') based on a petition filed by Zenil Traders Private Limited ('Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Ashish Saoji was appointed as the Resolution Professional (RP). The IRP made a public announcement on 2022-04-14. Several meetings of the Committee of Creditors (CoC) were held, but no resolution plan was approved. The CoC rejected resolution plans with 72.343% voting. The CIRP period expired without any resolution plan being approved. The RP then filed an application under Section 33 of the Code seeking liquidation of the Corporate Debtor. The Tribunal noted that no resolution plan had been approved and

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33 of the Insolvency …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Tribunal reasoned that since no resolution plan was approved by the CoC and the CIRP

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the CIRP period expired without a resolution plan being approved.

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Ashish…
- **Respondents:** Makalu Trading…; Zenil Traders…

## Timeline

- **2022-04-05 — CIRP Init…**: Corporate Insolvency Resolution Process (‘CIRP') was initiated vide Order dated…
- **2022-04-14 — Public Annou…**: The IRP made public announcement on 14.04.2022 in Business Standard, Mumbai edition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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