# In the matter of Manikaran Vincom Private Limited

> NCLT judgment dated 2024-06-05. Citation: TCN-2024-NCLT-01227. The case involves an application under Section 33(1)(a)(i) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jun 2024
- **Citation:** TCN-2024-NCLT-01227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manikaran-vincom-private-limited-b8d674eb

## Summary

### Background

The case involves an application under Section 33(1)(a)(i) of the Insolvency and Bankruptcy Code, 2016, filed by Manavta Tradelink Private Limited (Financial Creditor) against Manikaran Vincom Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the Corporate Debtor into CIRP on October 20, 2023, and appointed Mr. Anal Basu as the Interim Resolution Professional. Public announcements were made, and the Committee of Creditors (CoC) was constituted. Despite efforts, no Resolution Plan was received, leading the CoC to resolve to submit an application for the initiation of Liquidation Process.

## Facts

Manavta Tradelink Private Limited, a Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Manikaran Vincom Private Limited, the Corporate Debtor, to initiate CIRP. The Adjudicating Authority admitted the Corporate Debtor into CIRP on October 20, 2023, and appointed Mr. Anal Basu as the Interim Resolution Professional. Public announcements were made in newspapers, and the last date for submission of proof of claims by creditors was June 2, 2023. The Committee of Creditors (CoC) was constituted on November 11, 2023, and held its first meeting on November 18, 2023, approving the appointment of the Resolution Professional. Despite efforts, no Expression of Interest (EOI) was received from Prospective Resolution

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Manikaran Vincom Private Limited, …

**Ratio:** Section 33(1) of the Code enjoins the Adjudicating Authority to pass an order for

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**Reasoning:** The CIRP period of 180 days expired on April 16, 2024, and no Resolution Plan was

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**Interpretation:** Section 33(1) mandates liquidation if no resolution plan is approved or

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**Application:** In this case, since no resolution plan was received within the stipulated time,

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** M/s. Manavta…
- **Respondents:** M/s. Manikaran…

## Timeline

- **2023-10-20 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into CIRP and appointed Mr. Anal…
- **2023-10-23 — Public Annou…**: Public Announcements in Form A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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