Preet Shuttering Store Vs M.I. Buildtech Private Limited (NCLT Delhi)
Summary: The NCLT Delhi ordered liquidation of M.I. Buildtech Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 after its Committee of Creditors approved liquidation with 83.10% voting share. CIRP against the Corporate Debtor had commenced pursuant to an order dated 23.11.2022 passed on a Section 9 petition. During CIRP, Form G was initially published on 29.04.2023, but no resolution plan was received. After extension of CIRP by 90 days, the CoC approved re-issuance of Form G; however, despite its republication, no Expression of Interest or Resolution Plan was received and the CIRP period expired. After several CoC meetings in which no decision on liquidation could be reached, the Resolution Professional again placed liquidation before the CoC in its 11th meeting held on 25.10.2024, where the proposal was approved with 83.10% votes. Subsequently, pursuant to NCLT’s directions regarding liquidation costs, the CoC in its 14th meeting held on 12.09.2025 approved with 82.41% votes contribution towards estimated liquidation costs under Regulation 39B of the CIRP Regulations, noting that the Corporate Debtor had no realisable assets except PUFE avoidance transactions. Referring to Section 33(2), which requires the Adjudicating Authority to pass a liquidation order where the Resolution Professional intimates a CoC decision to liquidate approved by not less than 66% voting share, NCLT ordered liquidation of M.I. Buildtech Private Limited. Applying Section 34(1) as amended with effect from 26.05.2026, NCLT appointed Mr. Vikky Dang as Liquidator from the panel of insolvency professionals forwarded by IBBI and directed him to submit his written consent and valid Authorisation for Assignment within seven days. The Tribunal further directed commencement of liquidation under the IBC and Liquidation Process Regulations, cessation of the Section 14 moratorium and commencement of the moratorium under Section 33(5), vesting of management powers in the Liquidator, cooperation by the Corporate Debtor’s personnel, follow-up of pending applications and recovery proceedings, and submission of the Preliminary Report within 75 days.
