# In the matter of Map Oil LLP -IA-415(AHM)2023 in C.P.(IB)-241(AHM)2021

> NCLT judgment dated 2023-04-24. Citation: TCN-2023-NCLT-03670. The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 24 Apr 2023
- **Citation:** TCN-2023-NCLT-03670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/map-oil-llp-ia-415ahm2023-in-cpib-241ahm2021-f382cd6e

## Summary

### Background

The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) commenced on April 26, 2022. The Committee of Creditors (CoC) convened a meeting on February 20, 2023, to discuss the resolution plan and the possibility of liquidation. The CoC initially rejected the resolution plan with a 100% vote in disfavour. Subsequently, the CoC approved the sale of the corporate debtor as a going concern and approved the liquidation cost with a 100% vote in favour.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Pearl Impex commenced on April 26, 2022. A meeting of the Committee of Creditors (CoC) was held on February 20, 2023, where the CoC members considered a resolution plan. The CoC initially rejected the resolution plan with a 100% vote. Subsequently, the CoC approved the sale of the corporate debtor as a going concern with a 100% vote. The CoC also approved the liquidation cost. The Resolution Professional then moved an application for the liquidation of the corporate debtor. The Adjudicating Authority ordered the liquidation of the corporate debtor and appointed Mr. Vinod Tarachand Agrawal as the Liquidator. The order specifies the duties and responsibilities of the Liquidator, including making public announcements,

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. …

**Ratio:** Section 30(4) of the Insolvency and Bankruptcy Code, 2016, requires the Committee of

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**Reasoning:** The Committee of Creditors voted against the resolution plan with a 100% vote, indicating

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**Interpretation:** Section 30(4) mandates CoC approval for a resolution plan to proceed. The CoC's

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**Application:** Since the CoC rejected the resolution plan, it cannot be approved under Section

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## Parties

- **Judges:** Sh. Ashok Kumar…; Mr.Kaushalendra…
- **Appellants:** Kadam Kirtibhai…
- **Respondents:** Pearl I…; Map Oil Learned…

## Timeline

- **2022-04-26 — Commencement…**: The Corporate Insolvency Resolution…
- **2023-02-20 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting to discuss the resolution plan and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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