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

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02492. 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-02492
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mp-enterprises-associates-ltd-df4ec5cd

## 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, the 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 convened multiple meetings to explore resolution plans, but ultimately decided to liquidate the Corporate Debtor due to the lack of viable resolution applicants and the closure of the company's operations.

## Facts

The Resolution Professional, Mr. Rajeev Mannadiar, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order for M.P. Enterprises & Associates Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.04.2023. The Committee of Creditors (CoC) convened its 4th and 5th meetings on 23.10.2023 and 29.11.2023, respectively, and resolved to liquidate the Corporate Debtor. A public announcement was issued on 03.05.2023, inviting claims. Seven Expressions of Interest (EOIs) were received, but only two applicants were found eligible. Both eligible applicants showed unwillingness to submit Resolution Plans. The CoC decided with 80.80% votes to appoint IP Subhash Laxminarayan

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## Issues and analysis

### Issue 1: Whether the application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for …

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

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**Reasoning:** The CoC, after considering the lack of viable resolution plans and the company's

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**Interpretation:** Section 33(2) provides a mechanism for the CoC to decide on liquidation when

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

## Timeline

- **2023-04-20 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2023-05-03 — Public Annou…**: Public Announcement in Form 'A'…

## 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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