# 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-01589. 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-01589
- **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-2018-7e6bd6f3

## 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 originally filed by the financial creditor, Jammu & Kashmir Bank Ltd., under Section 7 of the IBC, and was admitted on 2020-01-22. Mr. Neeraj Bhatia was appointed as the Interim Resolution Professional. The CIRP process was delayed due to the Covid-19 pandemic and related lockdowns, leading to extensions of the CIRP period. Despite attempts to find a resolution plan, including republishing Form-G and considering an OTS, no viable plan was received. The CoC ultimately resolved to liquidate the corporate debtor.

## 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 CIRP was admitted on 2020-01-22, and Mr. Neeraj Bhatia was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held. The CIRP period was extended due to the Covid-19 pandemic and related lockdowns. Form-G was published to invite resolution plans, but no viable plan was received. The CoC considered an One-Time Settlement (OTS) submitted by the suspended board, but it was not approved. The CoC ultimately resolved to liquidate the Corporate Debtor. The

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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 resolved to liquidate the Corporate Debtor as no viable resolution plan was

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

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor, coupled

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## Parties

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

## Timeline

- **2020-01-22 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) was admitted by the Adjudicating…
- **2020-01-22 — Appointment…**: Mr. Neeraj Bhatia was appointed as the…

## Legal provisions

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

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