# In the matter of Mirage Ceramics Private Limited

> NCLT judgment dated 2023-06-15. Citation: TCN-2023-NCLT-02915. The case involves an application (I.A. 1487 of 2021) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 15 Jun 2023
- **Citation:** TCN-2023-NCLT-02915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mirage-ceramics-private-limited-6d1d908a

## Summary

### Background

The case involves an application (I.A. 1487 of 2021) filed by the Resolution Professional, Mr. Bhaskar Gopalshetty, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, MIRAGE CERAMICS PRIVATE LIMITED. The CIRP was initiated on February 14, 2020. The IRP was appointed and took control of the Corporate Debtor. A COC was formed, and multiple attempts were made to find a resolution plan. Valuation reports were obtained for the assets of the Corporate Debtor. Despite multiple invitations for resolution plans, only one plan was submitted and subsequently rejected by the COC. The COC then decided to proceed with liquidation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of MIRAGE CERAMICS PRIVATE LIMITED was initiated on February 14, 2020. Mr. Bhaskar Gopalshetty was appointed as the Interim Resolution Professional (IRP) and later continued as Resolution Professional (RP). The IRP took control of the Corporate Debtor and formed a Committee of Creditors (COC). The COC initially comprised Kamlesh Mehta (56.86% voting share), Abhyudaya Co-op Bank Ltd. (43.14% voting share), and Deputy Commissioner of State Tax, Mumbai (0% voting share). Abhyudaya Bank assigned its loan to Asrec (India) Ltd. on August 26, 2020, leading to reconstitution of the COC. Valuers were appointed, and valuation reports were obtained for the assets of the Corporate Debtor. Multiple invitations for resolution plans

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, MIRAGE CERAMICS PRIVATE LIMITED, …

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

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**Reasoning:** The Tribunal considered the fact that the resolution process had failed, with no viable

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

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**Application:** In this case, the resolution process failed, and the COC decided to liquidate

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## Parties

- **Judges:** H.V. Subb…; Anu Jagmoha…
- **Appellants:** Bhaskar Gopal…
- **Respondents:** Mirage Ceramics…; STPM LOGIST…

## Timeline

- **2020-02-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for MIRAGE CERAMICS PRIVATE…
- **2020-02-14 — Appointment…**: Mr. Bhaskar Gopalshetty appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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