# In the matter of Maruthi Tubes Private Limited IA (IBC)-162-2022 in CP (IB) No. 15-9-HDB-2021

> NCLT judgment dated 2022-03-31. Citation: TCN-2022-NCLT-03446. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 31 Mar 2022
- **Citation:** TCN-2022-NCLT-03446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maruthi-tubes-private-limited-ia-ibc-162-2022-in-cp-ib-no-15-9-hdb-2021-6fbc88be

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency & Bankruptcy Code, 2016 ('Code') for issuance of directions for liquidation of Maruthi Tubes Private Limited ('Corporate Debtor'). Dugar Polymers Limited, the Operational Creditor, had previously filed an application under Section 9 of the Code, which was admitted on 2021-11-10. Bondalapati Srinivasa Rao was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP).

## Facts

Dugar Polymers Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Maruthi Tubes Private Limited, the Corporate Debtor, by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2021-11-10. Bondalapati Srinivasa Rao was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). After inviting claims from creditors, the IRP constituted a Committee of Creditors (COC) with a sole member, State Bank of India. The COC unanimously appointed the IRP as the RP. The RP appointed two valuers to determine the fair value and liquidation value of the Corporate Debtor. An application was filed under Section 19(2) of the Code

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

**Ratio:** Section 33(2) of the Insolvency & Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The court reasoned that the COC had resolved for liquidation with 100% voting, and the

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**Interpretation:** Section 33(2) provides a mechanism for the COC to decide on liquidation when

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**Application:** The COC's decision, coupled with the fact that only one asset remained,

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Respondents:** Maruthi Tubes Pvt…
- **Advocates:** MS Mano R…

## Timeline

- **2021-11-10 — Admission of Section 9…**: The application filed by Dugar Polymers Limited under Section 9 of the Code was admitted…
- **2022-02-02 — Second COC…**: The Second COC meeting was conducted after being postponed due to non-availability of an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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