# In the matter of Matrix Bizcom Private Limited

> NCLT judgment dated 2024-06-04. Citation: TCN-2024-NCLT-01239. The case involves an Interlocutory Application (IA 2712/2024) filed in connection with a…

- **Court:** NCLT
- **Order date:** 4 Jun 2024
- **Citation:** TCN-2024-NCLT-01239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matrix-bizcom-private-limited-5fab1fad

## Summary

### Background

The case involves an Interlocutory Application (IA 2712/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Matrix Bizcom Services Private Limited. The CIRP was initiated following a petition by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Arun Bagaria was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Subsequently, the Committee of Creditors (CoC) resolved for liquidation, and the Bench initiated the Liquidation Process. The liquidator filed an Early Dissolution Application, which was later withdrawn to proceed with the auction of the Corporate Debtor's assets. The assets were eventually sold as a going concern to Lokdhun

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## Facts

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against Matrix Bizcom Services Private Limited based on a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. Arun Bagaria was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) passed a resolution for liquidation. The liquidator filed an Early Dissolution Application, which was later withdrawn to proceed with the auction of the Corporate Debtor's assets. The assets were sold as a going concern to Lokdhun Telemedia Private Limited. The liquidator confirmed the sale via a Sale Certificate dated 2024-01-11. The Corporate Debtor's bank account was

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor, Matrix Bizcom Services Private Limited, …

**Ratio:** The liquidation process must adhere strictly to the procedures and regulations outlined

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**Reasoning:** The court considered the submissions of the liquidator, the final report, and the

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**Interpretation:** The Insolvency and Bankruptcy Code, 2016 aims to provide a framework for the

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**Application:** In this case, the court found that the liquidator had complied with the

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Punjab National…
- **Respondents:** Matrix Bizcom…; Matrix Bizcom…

## Timeline

- **2019-12-13 — Adjudicating Authority…**: The Adjudicating Authority passed an order initiating Corporate Insolvency Resolution…
- **2020-01-18 — Committee of Creditors…**: The first meeting of the Committee of Creditors was held, and the Applicant was confirmed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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