# In the matter of SPG MACROCOSM LIMITED

> NCLT judgment dated 2025-10-09. Citation: TCN-2025-NCLT-01461. The application was filed by the Resolution Professional of SPG Macrocosm Limited under Section…

- **Court:** NCLT
- **Order date:** 9 Oct 2025
- **Citation:** TCN-2025-NCLT-01461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/spg-macrocosm-limited-56b47bd9

## Summary

### Background

The application was filed by the Resolution Professional of SPG Macrocosm Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the corporate debtor.

## Facts

Mr. Manish D Shah, the Resolution Professional of SPG Macrocosm Limited, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation.

The Adjudicating Authority initially dismissed the petition filed under section 7 of the Code.

The NCLAT allowed the appeal, setting aside the order and directing admission of the petition.

The financial creditor had advanced an unsecured loan of Rs 70,00,000/- carrying interest at 15% per annum.

The date of default as stated by the financial creditor was 01.10.2021.

The committee of creditors (COC) was constituted on 12.09.2024.

The COC resolved to liquidate the corporate debtor and appointed the RP as liquidator.

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## Issues and analysis

### Issue 1: Whether the requirements under section 33(2) of the Insolvency of Bankruptcy Code, 2016 stand …

**Ratio:** Section 33(2) of the Insolvency Bankruptcy Code mandates that where the COC, with not

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**Reasoning:** The COC in its commercial wisdom has resolved, with 100% voting share, to liquidate the

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**Interpretation:** The threshold of 66% voting share

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**Application:** The adjudicating authority is satisfied that the requirements under section

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## Parties

- **Judges:** Mohan P.…; SANJEEV S…
- **Appellants:** Manish…
- **Respondents:** SPG Macrocosm…; SPG Macroco…
- **Other parties:** Bank of B…; Fortune Land…; +2 more
- **Advocates:** Siddhartha…; Abhishek…

## Timeline

- **2024-02-29 — Initial Dis…**: Adjudicating authority initially dismissed the…
- **2024-08-20 — NCLAT Or…**: The Hon'ble NCLAT allowed the appeal, setting aside the order dated 29.02.2024 and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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