# In the matter of Ultramine Pipetech Private Limited

> NCLT judgment dated 2023-08-22. Citation: TCN-2023-NCLT-01962. The case involves an application under Section 33 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 22 Aug 2023
- **Citation:** TCN-2023-NCLT-01962
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ultramine-pipetech-private-limited-1ab2f7ca

## Summary

### Background

The case involves an application under Section 33 of the Insolvency & Bankruptcy Code, 2016, regarding Ultramine Pipetech Private Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 02.11.2022, following a petition filed under section 10 of the Insolvency and Bankruptcy Code, 2016. Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP).

## Facts

Ultramine Pipetech Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by the Adjudicating Authority on 02.11.2022 following a petition under section 10 of the Insolvency and Bankruptcy Code, 2016. Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 05.11.2022. The Committee of Creditors (CoC) was formed, and claims from Financial Creditors were received. The CoC noted that no one was likely to submit a resolution plan due to the Corporate Debtor's financial distress. The Promoters and Directors were unable to contribute funds, and new investors refused to invest. The CoC unanimously approved the fees of the proposed Liquidator. The CoC resolved by 100%

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## Issues and analysis

### Issue 1: Whether the application filed by the IRP for …

**Ratio:** Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC has resolved by 100% voting share to liquidate the Corporate Debtor. The

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**Interpretation:** Section 33(2) mandates the Adjudicating Authority to order liquidation when the

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**Application:** In this case, the CoC resolved by 100% voting share to liquidate the Corporate

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Manish Jai…
- **Respondents:** Ultramine…

## Timeline

- **2022-11-02 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2022-11-02 — Appointment…**: Mr. Manish Jain was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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