# In the matter of MATRUSHREE EXPORTS PRIVATE LIMITED

> NCLT judgment dated 2023-11-24. Citation: TCN-2023-NCLT-00568. 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-00568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/matrushree-exports-private-limited-d0b183cb

## 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 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The 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 on 2023-02-03. Mr. Hitesh Kothari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Form-A was published on 2023-02-10 to invite claims from creditors, but no claims were received from any Financial Creditor by the last date of submission, 2023-02-23. The 3rd CoC meeting on 2023-08-05 revealed that the Corporate Debtor had no immovable property, no records were available at the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Matrushree Export Private Limited, should be liquidated under Section …

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

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

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**Interpretation:** Section 33 provides the legal basis for liquidating a corporate debtor when the

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**Application:** Given the CoC's resolution, the absence of assets, and the operational

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## Parties

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

## Timeline

- **2023-02-03 — Admission of…**: The Tribunal admitted the petition filed by AJS Impex Private Limited under Section 9 of…
- **2023-02-10 — Publication o…**: Form-A was published in newspapers to invite claims from creditors of the Corporate…

## 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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