# In the matter of Mir Kings Industries Pvt. Ltd. IA No.278-2022 In CP (IB) No.272-Chd-J&K-2018

> NCLT judgment dated 2022-07-22. Citation: TCN-2022-NCLT-01605. The present petition was filed by the Resolution Professional of M/s Mir Kings Industries Pvt.…

- **Court:** NCLT
- **Order date:** 22 Jul 2022
- **Citation:** TCN-2022-NCLT-01605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mir-kings-industries-pvt-ltd-ia-no278-2022-in-cp-ib-no272-chd-jk-2018-5bee93f0

## Summary

### Background

The present petition was filed by the Resolution Professional of M/s Mir Kings Industries Pvt. Ltd. (Corporate Debtor) under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation. The insolvency petition was initially filed by the financial creditor, Jammu & Kashmir Bank Ltd., under Section 7 of the IBC, and was admitted on 22.01.2020. Mr. Neeraj Bhatia was appointed as the Interim Resolution Professional. Several CoC meetings were held, and the CIRP process faced delays due to the Covid-19 pandemic and other issues in Jammu and Kashmir. Extensions were sought for the CIRP period. Despite efforts to find a resolution plan, none were approved, leading the CoC to resolve for liquidation.

## Facts

M/s Jammu & Kashmir Bank Ltd. initiated corporate insolvency resolution process (CIRP) against M/s Mir Kings Industries Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 22.01.2020, and Mr. Neeraj Bhatia was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP). Due to the Covid-19 pandemic and other issues in Jammu and Kashmir, the CIRP faced delays, and extensions were sought. The RP published Form-G and received expressions of interest, but no resolution plan was approved by the Committee of Creditors (CoC). The CoC ultimately resolved to liquidate the Corporate Debtor. The RP then filed an application (IA No.278/2022) under Section 33 of

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## Issues and analysis

### Issue 1: Whether the conditions under Section 33 of the Insolvency and Bankruptcy Code, 2016, are satisfied …

**Ratio:** Section 33(2) of the IBC allows the Adjudicating Authority to pass a liquidation order if

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**Reasoning:** The CoC, in its 12th meeting held on 08.03.2022, decided to liquidate the Corporate

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** The CoC's decision to liquidate the Corporate Debtor, coupled with the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** M/s Mir Kings…

## Timeline

- **2020-01-22 — Admission of Insolvency…**: The insolvency petition filed by Jammu & Kashmir Bank Ltd. was admitted, and Mr. Neeraj…
- **2020-02-18 — First CoC M…**: The Interim Resolution Professional held the 1st CoC meeting, and he was confirmed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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