# In the matter of Moli Merchants Traders Private Limited IA No. 2066-2022 in CP No (IB)-1255-MB-C-IV-2020

> NCLT judgment dated 2022-11-25. Citation: TCN-2022-NCLT-00341. The application was filed by the Resolution Professional, Mr. Vimal Kumar Agrawal, seeking…

- **Court:** NCLT
- **Order date:** 25 Nov 2022
- **Citation:** TCN-2022-NCLT-00341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/moli-merchants-traders-private-limited-ia-no-2066-2022-in-cp-no-ib-1255-mb-c-iv-ba09ccc1

## Summary

### Background

The application was filed by the Resolution Professional, Mr. Vimal Kumar Agrawal, seeking liquidation of M/s. Moli Merchants Traders Private Limited, referred to as the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 9 of the Code filed by Agrasen Trade Merchant Private Limited (Financial Creditor) on 23.09.2021. The Resolution Professional was appointed as the IRP of the Corporate Debtor. The first COC meeting was held on 24.11.2021, where the IRP informed the COC that the business of the Corporate Debtor was at a standstill, and the applicant was resolved to act as RP. Form G was published on 06.01.2022 to invite resolution plans, with the last date

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## Facts

On 23.09.2021, the Tribunal admitted a petition under Section 9 of the Code filed by Agrasen Trade Merchant Private Limited, the Financial Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Moli Merchants Traders Private Limited, the Corporate Debtor. Mr. Vimal Kumar Agrawal was appointed as the Resolution Professional (IRP). In the first COC meeting on 24.11.2021, the IRP informed the COC that the Corporate Debtor's business was at a standstill. Form G was published on 06.01.2022, inviting resolution plans, with a deadline of 21.01.2022. Two registered valuers were appointed. The 4th COC meeting on 04.04.2022 revealed that the Corporate Debtor's registered office was not open, and there was no commercial activity. The COC resolved to

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## Issues and analysis

### Issue 1: Whether the application for liquidation of M/s. Moli Merchants Traders Private Limited should be …

**Ratio:** Section 33(1) and 34(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation

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**Reasoning:** The COC determined that there was a low chance of receiving a feasible resolution plan

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**Interpretation:** Section 33(1) and 34(1) of the IBC provide the legal basis for initiating

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**Application:** The COC's decision to liquidate the Corporate Debtor, based on the lack of

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Vimal Kumar…
- **Respondents:** M/s. Moli…; Agrasen Trade…

## Timeline

- **2021-09-23 — Admission of…**: Petition under Section 9 of the Code filed by Agrasen Trade Merchant Private Limited was…
- **2021-11-24 — First COC M…**: The IRP informed the COC that the business of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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