# In the matter of Mono Acriglass Industries Ltd. IA No. 650 of 2021 in CP (IB)200-(AHM)-2018

> NCLT judgment dated 2022-08-01. Citation: TCN-2022-NCLT-01506. The case involves an application filed by secured financial creditors seeking liquidation of…

- **Court:** NCLT
- **Order date:** 1 Aug 2022
- **Citation:** TCN-2022-NCLT-01506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mono-acriglass-industries-ltd-ia-no-650-of-2021-in-cp-ib200-ahm-2018-0d994722

## Summary

### Background

The case involves an application filed by secured financial creditors seeking liquidation of Mono Acriglass Industries Limited, the corporate debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor had initiated Corporate Insolvency Resolution Process (CIRP) against itself under Section 10 of the Code. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of Ms. Anjali Nirav Choksi as IRP. The Committee of Creditors (CoC) deliberated on the condition of the corporate debtor, which had been non-functional since 2002, leading to a decision to seek liquidation. The CoC rejected a proposal for extension of the CIRP period and directed the IRP to proceed with liquidation. The applicants sought the appointment

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## Facts

Mono Acriglass Industries Limited, the corporate applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, initiating CIRP against itself. Mr. Mahendra Prasad Jindal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Ms. Anjali Nirav Choksi. The corporate debtor had been non-functional and shut down since 2002, with its machinery becoming scrap and the land and building in dilapidated condition. The Committee of Creditors (CoC) deliberated on the condition of the corporate debtor and decided to seek liquidation. A proposal by the Resolution Professional (RP) to extend the CIRP period was rejected by the CoC. The CoC unanimously resolved for liquidation. The CoC proposed the name of Mr. Ashish Shah

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s. Mono Acriglass Industries …

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

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**Reasoning:** The court considered the submissions and documents on record, noting that the CoC, in its

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**Interpretation:** Section 33(2) provides that where the resolution professional intimates the

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**Application:** In this case, the CoC had decided to liquidate the corporate debtor due to its

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Gujarat State…
- **Respondents:** Mono Acriglass…; Suspended…
- **Advocates:** Rajesh…; Anjali C…; +1 more

## Timeline

- **2018-01-01 — Initiation…**: The Corporate applicant, M/s. Mono Acriglass Industries Limited filed an application…
- **2020-11-05 — Appointment…**: Mr. Mahendra Prasad Jindal was appointed to act as Interim Resolution Professional (IRP)…

## Legal provisions

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

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