# In the matter of Metalite Eco Future Labs Private Limited

> NCLT judgment dated 2023-11-21. Citation: TCN-2023-NCLT-00664. 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-00664
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/metalite-eco-future-labs-private-limited-6be9da43

## 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 for the invitation of claims. 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 from Resolution Applicants. The CoC approved the liquidation of the Corporate Debtor with 98.50% vote.

## Facts

Metalite Eco Future Labs Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP). An application was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Adjudicating Authority admitted the application on 14.03.2023. A public announcement was made for the invitation of claims. 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 from Resolution Applicants until 15.08.2023. Prospective Resolution Applicants intimated their non-participation. In the 6th CoC meeting, the members were apprised that if no Resolution Plan is received, the natural outcome is liquidation. The CoC approved the

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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(1) of the Insolvency and Bankruptcy Code, 2016, stipulates that if no

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**Reasoning:** The court reasoned that since no resolution plan was received within the CIRP period, the

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**Interpretation:** Section 33(1) mandates liquidation when no resolution plan is received,

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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 — Application A…**: 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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