# In the matter of M.K. Printech Private Limited IA-2762-2023 in (IB)-550(ND)-2020

> NCLT judgment dated 2023-06-06. Citation: TCN-2023-NCLT-03067. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. M. K. Printech…

- **Court:** NCLT
- **Order date:** 6 Jun 2023
- **Citation:** TCN-2023-NCLT-03067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mk-printech-private-limited-ia-2762-2023-in-ib-550nd-2020-245f9664

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. M. K. Printech Private Limited on 20.09.2022. After 180 days, the Resolution Professional (RP) received only one Expression of Interest (EOI) from M/s Shanti G.D. Ispat & Power Private Limited, which ultimately did not submit a resolution plan. Consequently, on 16.03.2023, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor (CD). The CoC discussed the outcome of Form G publication and the possibilities of liquidation in previous meetings. The RP team had shared the information memorandum with prospective resolution applicants, but M/s Shanti G. D. Ispat & Power Private Limited expressed their inability to submit a resolution plan due to internal reasons.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. M. K. Printech Private Limited on 20.09.2022. The CIRP period of 180 days expired on 19.03.2023. The Resolution Professional (RP) received only one Expression of Interest (EOI) from M/s Shanti G.D. Ispat & Power Private Limited. M/s Shanti G.D. Ispat & Power Private Limited informed their inability to submit a resolution plan due to internal reasons on 17.02.2023. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor (CD) on 16.03.2023. The CoC's decision was influenced by the lack of resolution plans. The RP stated that suspended directors have not provided inventory records and fixed assets register. An application u/s 19(2) was filed with Hon'ble NCLT

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) was justified in resolving to liquidate the Corporate …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, grants the CoC the power

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**Reasoning:** The CoC, being the primary decision-making body, has the authority to determine the best

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**Interpretation:** Section 33(2) empowers the CoC to opt for liquidation when resolution efforts

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**Application:** The CoC's decision to liquidate M/s. M. K. Printech Private Limited was

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Dalip Narinder…
- **Respondents:** M/s. M. K.…

## Timeline

- **2022-09-20 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against M/s. M. K. Printech…
- **2023-03-19 — CIRP Period…**: The 180-day CIRP period…

## 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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