# In the matter of Mirage Ceramics Private Limited

> NCLT judgment dated 2023-06-15. Citation: TCN-2023-NCLT-02933. The case pertains to an application filed by the Resolution Professional, Mr. Bhaskar…

- **Court:** NCLT
- **Order date:** 15 Jun 2023
- **Citation:** TCN-2023-NCLT-02933
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mirage-ceramics-private-limited-a6bcab6c

## Summary

### Background

The case pertains to an application 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 took control of the Corporate Debtor and formed a Committee of Creditors (COC) on March 11, 2020. 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) for MIRAGE CERAMICS PRIVATE LIMITED was initiated on February 14, 2020. Mr. Bhaskar Gopalshetty was appointed as the Interim Resolution Professional (IRP). The IRP formed a Committee of Creditors (COC) on March 11, 2020, with members including Kamlesh Mehta (56.86% voting rights), Abhyudaya Co-op Bank Ltd. (43.14% voting rights), and the Deputy Commissioner of State Tax, Mumbai (0% voting rights). 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 were issued, but only one resolution plan was submitted by Kamlesh Mehta

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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 COC, with 100% voting, decided to liquidate the Corporate Debtor after the resolution

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

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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…
- **2020-03-11 — COC Form…**: Committee of Creditors…

## 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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