# In the matter of Matiz Metals Pvt. Ltd. IA (IBC)-29-33(2)-GB-2023 in CP (IB) No.04-GB-2022

> NCLT judgment dated 2023-04-13. Citation: TCN-2023-NCLT-03819. The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Apr 2023
- **Citation:** TCN-2023-NCLT-03819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matiz-metals-pvt-ltd-ia-ibc-29-332-gb-2023-in-cp-ib-no04-gb-2022-a54274e1

## Summary

### Background

The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Matiz Metals Pvt. Ltd. The CIRP was initiated following an application by an Operational Creditor, Anvi Metcorp Pvt. Ltd., under Section 9 of the IBC. Despite efforts to find a resolution plan, including multiple Committee of Creditors (CoC) meetings and the publication of 'Form G' twice, no viable resolution plan was received. The CoC, consisting solely of Anvi Metcorp Pvt. Ltd., voted for liquidation with 100% consensus.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Matiz Metals Pvt. Ltd. after an application by the Operational Creditor, Anvi Metcorp Pvt. Ltd., was admitted on 30.09.2022. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement of the CIRP was made on 07.10.2022, with a deadline for claim submission set for 14.10.2022. Only one claim was received from Anvi Metcorp Pvt. Ltd., which constituted the Committee of Creditors (CoC). Several CoC meetings were held to explore resolution possibilities, including inviting expressions of interest (EOI) through 'Form G' publications. Despite these efforts, no resolution plan was received due to the absence of assets in the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor under …

**Ratio:** Section 33(2) of the IBC empowers the Adjudicating Authority to pass an order for

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**Reasoning:** The court reasoned that the primary objective of the IBC is resolution, but liquidation

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**Interpretation:** The interpretation of Section 33(2) is that it provides a mechanism for

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**Application:** In this specific case, the court applied Section 33(2) by considering the fact

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Respondents:** Matiz Metals Pvt.…

## Timeline

- **2022-09-30 — Order allowing application of Operational…**: Tribunal allowed the Application of the Operational Creditor filed under Section 9 of the…
- **2022-10-07 — Public Announcement of…**: Public Announcement of initiation of CIRP of Corporate Debtor, appointment of the IRP and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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