# M/s Preet Shuttering Store vs. M/s M.I. BUILDTECH PRIVATE LIMITED

> NCLT judgment dated 2026-08-06. Citation: TCN-2026-NCLT-00807. M/s Preet Shuttering Store, an Operational Creditor, initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 6 Aug 2026
- **Citation:** TCN-2026-NCLT-00807
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/ms-preet-shuttering-store-vs-ms-mi-buildtech-private-limited-dx36o

## Summary

### Background

M/s Preet Shuttering Store, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s M.I. Buildtech Private Limited (Corporate Debtor) by filing CP IB No. 300/ND/2021 under Section 9 of the IBC, 2016. The petition was admitted on 23.11.2022, and Mr. Swatantra Kumar Singh was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). A public announcement was made, and claims were invited.

## Facts

CP IB No. 300/ND/2021 was filed under Section 9 of the Code by M/s Preet Shuttering Store, the Operational Creditor.

The Company Petition was admitted on 23.11.2022, initiating Corporate Insolvency Resolution Process (CIRP) against M/s M.I. Buildtech Private Limited, the Corporate Debtor.

Mr. Swatantra Kumar Singh was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP).

A public announcement in Form-A was made on 26.11.2022, with the last date for claims being 27.12.2022.

The First Meeting of the Committee of Creditors (CoC) was held on 17.01.2023, confirming the IRP as the RP.

In the third CoC meeting on 24.03.2023, the CoC approved the issuance of Form G, which was published on 29.04.2023.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s M.I. Buildtech Private Limited, should be ordered for liquidation …

**Ratio:** The Adjudicating Authority shall pass a liquidation order if the resolution professional

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**Reasoning:** The Resolution Professional informed that despite two publications of Form G, no

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

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**Application:** Since the CoC approved liquidation with 83.10% votes and no resolution plan was

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## Parties

- **Judges:** JYOTSNA S…; Anu Jagmoha…
- **Appellants:** M/s Preet…; Swatantra Kumar…
- **Respondents:** M/s M.I. BUILDTECH…
- **Other parties:** Committee of…; Vikky…
- **Advocates:** Gaganpreet…; Sushil Ag…; +1 more

## Timeline

- **2022-11-23 — CIRP Init…**: Company Petition (IB) No. 300/ND/2021, filed by the Operational Creditor, was admitted,…
- **2022-11-26 — Public Annou…**: The IRP made a public announcement in Form-A in Financial Express (English) and Jansatta…

## Legal provisions

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

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