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

> NCLT judgment dated 2026-10-16. Citation: TCN-2026-NCLT-01268. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Marks Pryor…

- **Court:** NCLT
- **Order date:** 16 Oct 2026
- **Citation:** TCN-2026-NCLT-01268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/marks-pryor-marking-technology-private-limited-as7vd

## 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 under Section 9 of the IBC. CS Mandar S. Wagh was appointed as the Interim Resolution Professional (IRP) and subsequently Resolution Professional (RP). A Committee of Creditors (CoC) was constituted with Bank of Maharashtra as the sole Financial Creditor. An application for withdrawal of CIRP was filed but disposed of, leading the CoC to continue the CIRP.

## Facts

An application was filed by the Resolution Professional (RP) under Section 33 of the IBC, 2016, for initiating the liquidation process of Marks Pryor Marking Technology Private Limited (Corporate Debtor).

The application is based on a resolution passed by the Committee of Creditors (CoC).

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor 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 on 09.12.2023, with a deadline of 20.12.2023.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Marks Pryor Marking Technology …

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

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**Reasoning:** The CoC, in its 7th meeting, unanimously (100% voting) resolved to liquidate the

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**Interpretation:** The NCLAT in Sreedhar Tripathy v. Gujarat State Financial Corporation and Ors.

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**Application:** Given the CoC's unanimous resolution, the non-operational status of 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:** Committee of…; Bank of Maharashtr…; +1 more
- **Advocates:** Avinash R.…; Maheshkumar T.…; +1 more

## Timeline

- **2023-12-09 — Public Announcement for…**: The Interim Resolution Professional (IRP) caused a public announcement in two newspapers,…
- **2023-12-20 — Claim Submission…**: 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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