# In the matter of MTM Trading Private Limited

> NCLT judgment dated 2024-08-20. Citation: TCN-2024-NCLT-00775. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 20 Aug 2024
- **Citation:** TCN-2024-NCLT-00775
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mtm-trading-private-limited-84bdeb27

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. MTM Trading Private Limited. The Adjudicating Authority initiated CIRP on 09.03.2021, appointed an Interim Resolution Professional (IRP), and imposed a moratorium. The IRP made a public announcement on 11.03.2021. The Committee of Creditors (CoC) was formed, and in its first meeting on 08.04.2021, the IRP was appointed as the Resolution Professional (RP). The Corporate Debtor was not carrying on any business, and the CoC resolved to liquidate the company on 28.06.2021. The RP filed an application under Section 33(2), and the Adjudicating Authority allowed liquidation on 17.08.2021, appointing a Liquidator. The Liquidator sought extensions of the liquidation period multiple

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## Facts

On 09.03.2021, the Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against M/s. MTM Trading Private Limited and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement on 11.03.2021. The Committee of Creditors (CoC) was constituted, and in its first meeting on 08.04.2021, the IRP was appointed as the Resolution Professional (RP). The Corporate Debtor was not carrying on any business. The CoC resolved to liquidate the company on 28.06.2021. The RP filed an application under Section 33(2), and the Adjudicating Authority allowed liquidation on 17.08.2021, appointing a Liquidator. The Liquidator invited claims from stakeholders and received one claim from M/s. Mitra Trading and Exports Private Limited for Rs.

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with the provisions of Section 54 of the Insolvency & …

**Ratio:** Section 54 of the Insolvency & Bankruptcy Code, 2016, along with the relevant IBBI

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**Reasoning:** The Adjudicating Authority perused the details narrated and found that the Liquidator had

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**Interpretation:** The interpretation of Section 54 and the IBBI Regulations requires the

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**Application:** In this case, the Liquidator filed quarterly progress reports, attempted to

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Joby Ch…
- **Respondents:** M/s. MTM TRADING…

## Timeline

- **2021-03-09 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…
- **2021-03-11 — Public Annou…**: Interim Resolution Professional…

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