# In the matter of M.P. Enterprises & Associates Ltd.

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02499. The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02499
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mp-enterprises-associates-ltd-db3ec3a9

## Summary

### Background

The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order for M.P. Enterprises & Associates Limited (Corporate Debtor). The application was filed by the Resolution Professional (RP), Mr. Rajeev Mannadiar, based on a resolution passed by the Committee of Creditors (CoC) in its 4th and 5th meetings. The CIRP was initiated on 20.04.2023. The CoC decided to liquidate the Corporate Debtor after attempts to find a resolution applicant failed.

## Facts

The Resolution Professional (RP), Mr. Rajeev Mannadiar, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M.P. Enterprises & Associates Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.04.2023. The RP issued a public announcement inviting claims. The Committee of Creditors (CoC) was constituted and convened multiple meetings. The CoC invited Expressions of Interest (EoI) from prospective resolution applicants, but only two applicants were found eligible, and both declined to submit resolution plans. The CoC then voted to liquidate the Corporate Debtor. The operations of the Corporate Debtor had been closed for over a year, and there were no cash flows

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows for the initiation of

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**Reasoning:** The CoC, after considering the failure of resolution attempts and the financial condition

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**Interpretation:** Section 33(2) provides a mechanism for liquidation when resolution efforts

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**Application:** The Tribunal applied Section 33(2) to the facts of the case, noting that the

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Rajeev Mannadiar,…
- **Respondents:** M.P. Enterprises…; The Fedral Bank…

## Timeline

- **2023-04-20 — CIRP Init…**: CIRP of Corporate…
- **2023-05-03 — Public Annou…**: Applicant issued a Public…

## 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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