# In the matter of Millennium Soft-Tech (India) Private Limited IA-IBC-1245-CHE-2021 in CP-IB-109-CHE-2021

> NCLT judgment dated 2022-12-09. Citation: TCN-2022-NCLT-00193. The case pertains to an application filed under Section 33(1)(a), 33(2), and 34(1) of the…

- **Court:** NCLT
- **Order date:** 9 Dec 2022
- **Citation:** TCN-2022-NCLT-00193
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/millennium-soft-tech-india-private-limited-ia-ibc-1245-che-2021-in-cp-ib-109-che-99bdaffa

## Summary

### Background

The case pertains to an application filed under Section 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 and 32 of the NCLT Rules, 2016, seeking an order of liquidation against Millennium Soft Tech Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-12-14 based on a Section 9 application. The Interim Resolution Professional (IRP) was appointed and made a public announcement on 2021-12-19. The Committee of Creditors (COC) was formed, including Indusind Bank, IDFC First Bank, and Calibre Consultants. Several COC meetings were held, and ultimately, the COC resolved to liquidate the Corporate Debtor with a 95.34% voting majority due to the lack of assets or relevant documents to continue as a

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Millennium Soft Tech (India) Private Limited was initiated on 2021-12-14 following a Section 9 application. An Interim Resolution Professional (IRP) was appointed, who then made a public announcement on 2021-12-19. The Committee of Creditors (COC) was constituted, comprising Indusind Bank, IDFC First Bank, Calibre Consultants, and operational creditors. Several COC meetings took place. In the meeting held on 2022-04-19, a resolution was passed to file an application under Section 19 of the IBC, 2016, due to the unavailability of records. The fourth COC meeting on 2022-05-11 revealed the absence of assets or relevant documents, leading to the decision not to publish FORM-G. In the fifth COC meeting on 2022-08-23, a

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Millennium Soft Tech Private …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The Committee of Creditors (COC) resolved to liquidate the Corporate Debtor with a 95.34%

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** In this case, the COC's decision to liquidate, supported by a 95.34% vote,

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** POOSAIDU…
- **Respondents:** MILLENNIUM SOFT…

## Timeline

- **2021-12-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-12-19 — Public Annou…**: Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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