# In the matter of Mercator Oil & Gas Ltd. IA. No. 1134 of 2022 in C.P.No.(IB)1400(MB) of 2019

> NCLT judgment dated 2022-11-14. Citation: TCN-2022-NCLT-00457. The case involves an application (I.A. No. 1134/2022) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 14 Nov 2022
- **Citation:** TCN-2022-NCLT-00457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mercator-oil-gas-ltd-ia-no-1134-of-2022-in-cpnoib1400mb-of-2019-9b0d4baf

## Summary

### Background

The case involves an application (I.A. No. 1134/2022) filed by the Resolution Professional, Mr. Adesh Kumar Gupta, seeking the liquidation of Mercator Oil & Gas Ltd. (the Corporate Debtor) under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of Axis Bank, resolved to liquidate the Corporate Debtor. The CoC instructed the Applicant to file a Liquidation Application with the Tribunal.

## Facts

Crab & Taur Pvt Ltd initiated the Corporate Insolvency Resolution Process (CIRP) against Mercator Oil & Gas Ltd. The Committee of Creditors (CoC), primarily consisting of Axis Bank, was formed. A resolution plan was received from DEV Land & Housing Pvt Ltd but was not approved as it did not cover the entire CIRP cost. The Resolution Professional (RP) was unable to obtain further information from the resolution applicant. Consequently, the CoC unanimously decided to liquidate the Corporate Debtor in its 6th meeting. The RP then filed an application (I.A. No. 1134/2022) seeking liquidation under Section 33(3) of the Insolvency and Bankruptcy Code (IBC). The NCLT allowed the application, ordering the liquidation of Mercator Oil & Gas Ltd. as a going

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Mercator Oil & Gas Ltd., under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the CoC to pass a

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**Reasoning:** The CoC unanimously decided to liquidate the Corporate Debtor as no resolution plan was

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**Interpretation:** Section 33(3) of the IBC allows the Adjudicating Authority to pass an order for

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**Application:** The NCLT considered the CoC's decision and the absence of an approved

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## Parties

- **Judges:** H.V. Subb…; SMT ANURADHA…
- **Appellants:** Crab & Taur Pvt…
- **Respondents:** Mercator Oil &…

## Timeline

- **2021-07-21 — Constitution of COC by…**: The Interim Resolution Professional (IRP) constituted the Committee of Creditors (COC) in…
- **2021-07-27 — Appointment…**: The Applicant was duly appointed by this Tribunal as the Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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