# In the matter of Metalite Eco Future Labs Private Limited

> NCLT judgment dated 2023-11-21. Citation: TCN-2023-NCLT-00693. The application was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 21 Nov 2023
- **Citation:** TCN-2023-NCLT-00693
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/metalite-eco-future-labs-private-limited-5565f017

## Summary

### Background

The application was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking liquidation of the Corporate Debtor, Metalite Eco Future Labs Private Limited, and the appointment of Mr. Sunil Kumar Agarwal as the liquidator. The Adjudicating Authority admitted the application on 14.03.2023. The IRP made a public announcement inviting claims, and a CoC was formed. The first CoC meeting was held on 11.04.2023, and the IRP was appointed as RP. The Resolution Professional did not receive any resolution plans. In the 6th CoC meeting, the members were informed that if no resolution plan is received, the natural outcome is liquidation. A resolution for liquidation was approved by the CoC with 98.50% vote.

## Facts

Metalite Eco Future Labs Private Limited underwent Corporate Insolvency Resolution Process (CIRP). An application was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation. The Adjudicating Authority admitted the application on 14.03.2023. Mr. Sunil Kumar Agarwal was the Resolution Professional. A public announcement was made to invite claims. The first CoC meeting was held on 11.04.2023. Registered valuers were appointed as per Regulation 27 of IBBI Regulations, 2016. Form G for EOI were issued on 12.05.2023, 30.05.2023 & 16.06.2023. No resolution plans were received by 15.08.2023. In the 6th CoC meeting, the members were informed that if no resolution plan is received, the natural outcome is liquidation. The CoC approved a

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Metalite Eco Future Labs Private …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, mandates liquidation when no

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**Reasoning:** The Resolution Professional did not receive any resolution plans from prospective

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**Interpretation:** Section 33(1)(a) of the IBC is interpreted to mean that if no resolution plan

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**Application:** Since no resolution plan was received for Metalite Eco Future Labs Private

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Sunil Kumar…
- **Respondents:** Metalite Eco…; Gaurav…

## Timeline

- **2023-03-14 — Admission of Ap…**: The Adjudicating Authority admitted the application filed by M/s. Metalite Eco Future…
- **2023-03-15 — Public Annou…**: The IRP made a public announcement for…

## 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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