# In the matter of Midfield Industries Ltd. I.A. No. 122 of 2022 in C.P. (IB) No. 562-9-HDB-2019

> NCLT judgment dated 2022-12-06. Citation: TCN-2022-NCLT-00228. The case pertains to an Interlocutory Application (I.A. No. 122 of 2022) filed in a Corporate…

- **Court:** NCLT
- **Order date:** 6 Dec 2022
- **Citation:** TCN-2022-NCLT-00228
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/midfield-industries-ltd-ia-no-122-of-2022-in-cp-ib-no-562-9-hdb-2019-bba05558

## Summary

### Background

The case pertains to an Interlocutory Application (I.A. No. 122 of 2022) filed in a Corporate Insolvency Resolution Process (CIRP) against Midfield Industries Ltd. The CIRP was initiated on 27.08.2021. The Resolution Professional (RP), Madasa Kumar, filed the application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order to liquidate the Corporate Debtor and to appoint the Applicant as the Liquidator. The Committee of Creditors (CoC) approved the minimum eligibility criteria for prospective Resolution Applicants and invited Expression of Interest (Eol). One Eol was received, but the prospective Resolution Applicant did not submit a Resolution Plan. The CoC, with a 69.32% majority, voted in favor of liquidating the Corporate Debtor because

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Midfield Industries Ltd on 2021-08-27. Madasa Kumar was appointed as the Resolution Professional (RP) on 2021-11-12. The Committee of Creditors (CoC) approved eligibility criteria for resolution applicants and invited Expressions of Interest (EoI). One EoI was received, but no resolution plan was submitted. The CoC voted with a 69.32% majority to liquidate the Corporate Debtor, citing the company's defunct status since 2012 and the lack of viable resolution plans. The main unit of the Corporate Debtor was sold by the State Bank of India, a financial creditor. The Corporate Debtor owns a plot of land and building in Uttarakhand. The RP filed an application under Section 33(2) of the Insolvency and

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Midfield Industries Ltd, should be liquidated under Section 33(2) of …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

…

**Reasoning:** The CoC, with a 69.32% majority, voted in favor of liquidating the Corporate Debtor

…

**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

…

**Application:** Since no resolution plan was received and the CoC voted for liquidation, the

…

## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Loha U…
- **Respondents:** Midfield Industrie…

## Timeline

- **2021-08-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-11-12 — Appointment…**: The Applicant was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/midfield-industries-ltd-ia-no-122-of-2022-in-cp-ib-no-562-9-hdb-2019-bba05558