# In the matter of Monotona Tyres Limited IA. No. 2631-2021 in CP(IB)No. 286-MB-2018

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-05413. An IA was filed under section 33(1) of the Insolvency & Bankruptcy Code, 2016 by the Resolution…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-05413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/monotona-tyres-limited-ia-no-2631-2021-in-cpibno-286-mb-2018-0838026b

## Summary

### Background

An IA was filed under section 33(1) of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional (RP) seeking a liquidation order because no resolution plan was received within the stipulated time.

## Facts

An IA was filed under section 33(1) of the Insolvency & Bankruptcy Code, 2016 by the RP seeking a liquidation order.

The C.P.(IB)-286/MB/2018 was admitted on 30.11.2018 and the Applicant was appointed as IRP.

The IRP was appointed as the RP in the Second Meeting of CoC held on 05.02.2019.

Advertisement for invitation of Expression of Interest was issued on 08.02.2020.

4 prospective Resolution Applicant came forward but failed to comply with the conditions of Resolution.

The Eol was further extended with certain relaxation and 2 more prospective Resolution Applicants came forward, but they too failed to comply with the basic conditions of Resolution.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, …

**Ratio:** The RP filed the application because no resolution plan was received within the

…

**Reasoning:** The Tribunal considered the application and the

…

**Interpretation:** Section 33(1) allows for liquidation

…

**Application:** The Tribunal allowed the

…

## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Sunrise TSR…; Manoj Kumar…
- **Respondents:** Monotona Tyres…
- **Other parties:** Sanjay…
- **Advocates:** Amir Ars…

## Timeline

- **2018-11-30 — Admission of C.P.(IB)-28…**: The C.P.(IB)-286/MB/2018…
- **2019-02-05 — Appointment…**: The IRP was appointed as the RP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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