# In the matter of Maqdoom Moghny Enterprises Pvt. Ltd.

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-02747. The case involves an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-02747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maqdoom-moghny-enterprises-pvt-ltd-a9ddd081

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(1)(A) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. MaqdoomMoghny Enterprises Private Limited (Corporate Debtor). The Corporate Debtor was admitted into CIRP following an application by the Operational Creditor under Section 9 of the I&B Code, 2016. An earlier Resolution Professional was replaced due to non-cooperation from the suspended directors. Despite efforts, no viable resolution plan was received, leading the Committee of Creditors (CoC) to approve liquidation.

## Facts

Manish Fashionworld Pvt Ltd is the Operational Creditor. Maqdoom Moghny Enterprises Pvt Ltd is the Corporate Debtor. An application was filed by the Resolution Professional (RP) under Section 33(1)(A) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Debtor was admitted into CIRP following an application by the Operational Creditor under Section 9 of the I&B Code, 2016. An earlier Resolution Professional was replaced due to non-cooperation from the suspended directors. The Erstwhile Resolution Professional filed an IA.No.780/2022 under Section 19(2) of IBC, 2016 due to non-cooperation from the suspended directors. The CoC conducted the 8th meeting on 12.01.2023 and resolved to replace the

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## Issues and analysis

### Issue 1: Whether the liquidation process against the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating

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**Reasoning:** The court reasoned that despite all efforts during the CIRP, no viable resolution plan

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**Interpretation:** The interpretation of Section 33(2) emphasizes that if the CIRP fails to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Manish Fashionworl…
- **Respondents:** Maqdoom Moghny…

## Timeline

- **2022-05-13 — Tribunal…**: Tribunal allowed the application filed by the Operational Creditor under section 9 of I&B…
- **2022-07-25 — Tribunal…**: Tribunal passed an order in IA. (IBC) 703/2022 allowing the application on the…

## 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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