# In the matter of Matrushree Export Private Limited

> NCLT judgment dated 2023-11-24. Citation: TCN-2023-NCLT-00580. The application, I.A. No. 4528/2023, was filed on 2023-09-16 by Mr. Hitesh Kothari, seeking the…

- **Court:** NCLT
- **Order date:** 24 Nov 2023
- **Citation:** TCN-2023-NCLT-00580
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matrushree-export-private-limited-09795621

## Summary

### Background

The application, I.A. No. 4528/2023, was filed on 2023-09-16 by Mr. Hitesh Kothari, seeking the liquidation of Matrushree Export Private Limited (the Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by AJS Impex Private Limited under Section 9 of the Code. Mr. Hitesh Kothari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

## Facts

On 2023-09-16, Mr. Hitesh Kothari filed I.A. No. 4528/2023 seeking liquidation of Matrushree Export Private Limited. The CIRP was initiated following a petition by AJS Impex Private Limited. Hitesh Kothari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Form-A was published on 2023-10-02 to invite claims from creditors, but no claims were received from any Financial Creditor. The last date for submission of claims was 2023-02-23. The 3rd CoC meeting on 2023-08-05 revealed that the Corporate Debtor had no immovable property, and records were unavailable at the registered office. The sole CoC member proposed liquidation under Section 33 of the Code. The 4th CoC meeting on 2023-08-08 resulted in a resolution with

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Matrushree Export Private Limited under Section 33(1) of …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

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**Reasoning:** The CoC, with 100% voting, resolved to liquidate the Corporate Debtor. The Tribunal

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** Given the CoC's resolution and the absence of any viable resolution plan, the

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Hitesh Ko…
- **Respondents:** Matrushree Export…

## Timeline

- **2023-09-16 — Application…**: I.A. No. 4528/2023 filed by Mr.…
- **2023-02-03 — Company Petiti…**: Tribunal order in Company Petition No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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