# CS Mandar S. Wagh vs. M/s. Marks Pryor Marking Technology Private Limited

> NCLT judgment dated 2026-10-16. Citation: TCN-2026-NCLT-01214. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Marks Pryor…

- **Court:** NCLT
- **Order date:** 16 Oct 2026
- **Citation:** TCN-2026-NCLT-01214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/marks-pryor-marking-technology-private-limited-5v3ew

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Marks Pryor Marking Technology Private Limited (Corporate Debtor) based on a petition filed by M/s. Shubham Electrotech Private Limited. CS Mandar S. Wagh was appointed as the Interim Resolution Professional (IRP) and subsequently the Resolution Professional (RP). A public announcement for claims led to one financial creditor (Bank of Maharashtra) and ten operational creditors. The Committee of Creditors (CoC) was constituted with Bank of Maharashtra as the sole financial creditor. An initial application for withdrawal of the CIRP was filed but disposed of, leading the CoC to decide to continue the CIRP. The Corporate Debtor had not been operational for a long time, generated no revenue, had

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## Facts

An application was filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (Code) for initiating the Liquidation Process of Marks Pryor Marking Technology Private Limited (Corporate Debtor).

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Shubham Electrotech Private Limited under Section 9 of the Code.

CS Mandar S. Wagh was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

A public announcement for claims was made by the IRP on 09.12.2023, with a deadline of 20.12.2023.

One claim was received from a Financial Creditor (Bank of Maharashtra) amounting to Rs.11,06,26,372.57/-.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Marks Pryor Marking Technology Private Limited, should be liquidated …

**Ratio:** Section 33(2) of the IBC mandates the Adjudicating Authority to pass a liquidation order

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**Reasoning:** The Committee of Creditors (CoC), in its 7th meeting held on 27.06.2025, unanimously

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**Interpretation:** The provision clearly outlines the conditions under which a liquidation order

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**Application:** Given that the CoC passed a unanimous resolution for liquidation, the

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** CS Mandar…; M/s. Shubham…
- **Respondents:** M/s. Marks Pryor…
- **Other parties:** Bank of Maharashtr…; Atul Naraya…
- **Advocates:** Avinash R.…; Maheshkumar T.…; +1 more

## Timeline

- **2023-12-09 — Public Announcement for…**: The Interim Resolution Professional (IRP) caused a public announcement for claims against…
- **2023-12-20 — Last Date for…**: The deadline for submitting claims against the Corporate Debtor was on or before this…

## 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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