# In the matter of Max Flex & Imaging Systems Limited IA. No. 2420-2022 in CP(IB)No. 4302(MB)-2018

> NCLT judgment dated 2022-09-23. Citation: TCN-2022-NCLT-00952. The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 23 Sept 2022
- **Citation:** TCN-2022-NCLT-00952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/max-flex-imaging-systems-limited-ia-no-2420-2022-in-cpibno-4302mb-2018-ab68c420

## Summary

### Background

The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by Fanendra H Munot, the Resolution Professional (RP) of Max Flex & Imaging Systems Limited, seeking a liquidation order and appointment of the Applicant/RP as liquidator. This request is based on a resolution passed by the Committee of Creditors (CoC) in its second meeting held on May 31, 2022. The Corporate Insolvency Resolution Process (CIRP) was initiated, and after being remanded back by NCLAT, it was re-initiated on September 8, 2021. Public announcements were made, inviting claims from creditors, and the CoC was constituted.

## Facts

Fanendra H Munot, the Resolution Professional (RP) of Max Flex & Imaging Systems Limited, filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order and appointment as liquidator. The application was based on a resolution passed by the Committee of Creditors (CoC) in its second meeting held on May 31, 2022. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier, and after being remanded back by NCLAT, it was re-initiated on September 8, 2021. Public announcements were made to invite claims from creditors. No Expression of Interest (EoI) was received during the previous CIRP. Consequently, the CoC, in its second meeting, passed a resolution with a 100% majority to liquidate the Corporate

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Max Flex & Imaging Systems …

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

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**Reasoning:** The Tribunal considered the application and the fact that no Expression of Interest was

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**Interpretation:** Section 33 is interpreted to mean that if the CIRP fails to produce a viable

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**Application:** In this case, the absence of any Expression of Interest during the CIRP,

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Fanendra H…
- **Respondents:** Max Flex &…; Bank of B…

## Timeline

- **2018-01-01 — CP(IB)No. 4302(MB)/2018…**: The initial Corporate Insolvency Resolution…
- **2019-09-05 — CP(IB)-4302(MB)/2018…**: The Tribunal admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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