# In the matter of Mansi International Private Ltd.

> NCLT judgment dated 2025-01-07. Citation: TCN-2025-NCLT-00667. The application was filed by the Liquidator of Mansi International Private Limited, the…

- **Court:** NCLT
- **Order date:** 7 Jan 2025
- **Citation:** TCN-2025-NCLT-00667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mansi-international-private-ltd-fa214c2b

## 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 based on the fact that there are no assets/property in the name of the Corporate Debtor that remain to be sold and realized. The application also sought to relieve the Liquidator from his duties in respect of the Corporate Debtor.

## Facts

Indiabulls Consumer Finance Ltd. initiated CIRP against Mansi International Private Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 2019-10-11. Rajshree Padia was appointed as the Interim Resolution Professional (IRP). Subsequently, Vijay Pitamber Lulla replaced Padia as the Resolution Professional (RP) on 2020-03-13. The CoC decided on 2022-06-16 to liquidate Mansi International due to the absence of assets. Liquidation commenced on 2022-08-08, with Vijay Pitamber Lulla appointed as the Liquidator. The Liquidator made a public announcement on 2022-08-18 and received claims from Bank of Maharashtra, Dhani Loans and Services Limited (formerly Indiabulls Consumer Finance Ltd), State Tax, and Assessing Authority. The total claims

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## Issues and analysis

### Issue 1: Whether the application for early dissolution of the Corporate Debtor, Mansi International Private …

**Ratio:** The legal principle applied is that if a corporate debtor has no assets and the

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**Reasoning:** The court reasoned that since there were no assets left with the Corporate Debtor and no

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**Interpretation:** This interpretation means that when a company undergoing liquidation has no

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**Application:** In this specific case, the court applied the principle by noting that Mansi

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## Parties

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

## Timeline

- **2019-10-11 — Commencement…**: Mansi International Private Ltd. was admitted into Corporate Insolvency Resolution…
- **2020-03-13 — Appointment of…**: Mr. Vijay Pitamber Lulla was appointed…

## 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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