# 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-00198. 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-00198
- **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-9cfe6a0e

## 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 the Corporate Debtor, Millennium Soft Tech Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on December 14, 2021, following a Section 9 application. The Interim Resolution Professional (IRP) was appointed and made a public announcement on December 19, 2021. The Committee of Creditors (COC) was constituted, including Indusind Bank, IDFC First Bank, and Calibre Consultants, along with operational creditors. Several COC meetings were held, where the resolution to liquidate the Corporate Debtor was passed with a 95.34% voting

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Millennium Soft Tech Private Limited was initiated on December 14, 2021, following a Section 9 application. An Interim Resolution Professional (IRP) was appointed, who made a public announcement on December 19, 2021. The Committee of Creditors (COC) was formed, comprising Indusind Bank, IDFC First Bank, Calibre Consultants, and operational creditors. The COC held several meetings. In the fourth COC meeting on May 11, 2022, it was noted that no assets or relevant documents were available. In the fifth COC meeting on August 23, 2022, a resolution was passed with 95.34% voting majority to liquidate the Corporate Debtor due to the absence of assets and the inability to run the company as a going concern. The Resolution

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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 Adjudicating Authority considered the resolution passed by the COC 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 the Corporate Debtor was

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## Parties

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

## Timeline

- **2021-12-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated following a Section 9…
- **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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