# In the matter of SHREE MAHALAXMI CORPORATION PRIVATE LIMITED

> NCLT judgment dated 2025-06-20. Citation: TCN-2025-NCLT-01115. The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Jun 2025
- **Citation:** TCN-2025-NCLT-01115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/shree-mahalaxmi-corporation-private-limited-5a9798b9

## Summary

### Background

The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, filed by the Resolution Professional (RP) of Shree Mahalaxmi Corporation Private Limited, seeking initiation of liquidation process.

## Facts

The application was filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Mahalaxmi Corporation Private Limited based on a petition filed by a Financial Creditor.

Avishek Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

The RP issued public announcements for filing of claims.

The management of the Corporate Debtor did not comply with the order dated 23/02/2024.

The RP filed applications under Section 19(2) of the IBC for non-cooperation and for cancellation of a Lease Deed.

The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% votes.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed under Section 33 …

**Ratio:** Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** No resolution plan was received, and the CoC resolved to liquidate the Corporate Debtor

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**Interpretation:** The Adjudicating Authority has no other option but to order liquidation of the

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**Application:** The application for liquidation is allowed, and the Corporate Debtor is ordered

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Avishek…
- **Respondents:** Shree Mahalaxmi…
- **Other parties:** State Bank of…; Debdas Chak…
- **Advocates:** Dripto Ma…; Chandan M…

## Timeline

- **2024-02-23 — Order Da…**: Order was issued initiating CIRP against…
- **2024-02-25 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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