# In the matter of Mountain Edge Tours And Holidays Private Limited

> NCLT judgment dated 2024-06-25. Citation: TCN-2024-NCLT-01122. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 Jun 2024
- **Citation:** TCN-2024-NCLT-01122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mountain-edge-tours-and-holidays-private-limited-35bfb8d3

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, and Section 60(5) of the Code for the initiation of liquidation of the Corporate Debtor, Mountain Edge Tours and Holidays Private Limited. Shriram City Union Finance Limited, the Financial Creditor, filed a petition under Section 7 of the IBC against the Corporate Debtor. The petition was admitted on November 10, 2024, and an Interim Resolution Professional (IRP) was appointed. The IRP made public announcements and attempted to gather information from the Corporate Debtor's directors, but faced non-cooperation. The IRP was later appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC).

## Facts

Shriram City Union Finance Limited, the Financial Creditor, initiated corporate insolvency resolution process (CIRP) against Mountain Edge Tours and Holidays Private Limited, the Corporate Debtor, by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on November 10, 2024, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made in newspapers, and the IRP attempted to gather information from the Corporate Debtor's directors. The registered office of the Corporate Debtor could not be found. The IRP was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The RP discovered that the Corporate Debtor had multiple offices, some of which were mortgaged to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order for liquidation of the Corporate Debtor …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates that the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Ld. Counsel(s) and

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** In this case, the CoC approved the liquidation of Mountain Edge Tours and

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Shriram City…
- **Respondents:** Mountain Edge…

## Timeline

- **2021-01-01 — CP (IB)/270(KB)/2021…**: The Corporate Insolvency Resolution Process (CIRP) was initiated with the filing of CP…
- **2024-11-10 — Petition Ad…**: The petition filed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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