# In the matter of Mansi International Private Limited

> NCLT judgment dated 2025-01-07. Citation: TCN-2025-NCLT-00668. The application was filed by the Liquidator of Mansi International Private Limited, the…

- **Court:** NCLT
- **Order date:** 7 Jan 2025
- **Citation:** TCN-2025-NCLT-00668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mansi-international-private-limited-8d416f32

## Summary

### Background

The application was filed by the Liquidator of Mansi International Private Limited, the Corporate Debtor, under Section 35(1)(m) & (n) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 & 45(3)(b) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking closure of the Liquidation Process by winding up/dissolution of the Corporate Debtor. The application was filed seeking early dissolution of the Corporate Debtor without following the process of inviting Expression of Interest in Form G, as there were no assets in the name of the Corporate Debtor.

## Facts

Indiabulls Consumer Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mansi International Private Ltd. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.10.2019. Mr. Vijay Pitamber Lulla was appointed as the Resolution Professional (RP) on 13.03.2020. The CoC decided to opt for liquidation of the Corporate Debtor with 93.22% voting on 16.06.2022. The Tribunal passed the order for liquidation of the Corporate Debtor on 08.08.2022. The Liquidator made a Public Announcement on 18.08.2022. The Liquidator received and verified two claims from Financial Creditors (Bank of Maharashtra and Dhani Loans and Services Limited) and two claims from Operational Creditors. The Stakeholders

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## Issues and analysis

### Issue 1: Whether the application for early dissolution of the Corporate Debtor under Regulation 14 read with …

**Ratio:** Regulation 14 read with Regulation 45(3)(b) of the Liquidation Regulations allows for

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**Reasoning:** The Tribunal observed that there were no assets left with the Corporate Debtor and no

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**Interpretation:** Regulation 14 and 45(3)(b) of the Liquidation Regulations provide a mechanism

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**Application:** The Tribunal applied the provisions of Regulation 14 and 45(3)(b) of the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Vijay Pitamber…
- **Respondents:** Mansi Internationa…

## Timeline

- **2019-10-11 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) vide order…
- **2020-03-13 — Appointment…**: Mr. Vijay Pitamber Lulla was appointed as the Resolution Professional (RP) vide order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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