# In the matter of Sree Metaliks Limited vs. Additional Director General and Ors.

> HC judgment dated 2023-02-16. Citation: TCN-2023-HC-00082. Sree Metaliks Limited (SML) filed a writ petition challenging a show-cause notice issued by the…

- **Court:** HC
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-HC-00082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/sree-metaliks-limited-vs-additional-director-general-and-ors-7f6c404e

## Summary

### Background

Sree Metaliks Limited (SML) filed a writ petition challenging a show-cause notice issued by the Additional Director General (ADG), Directorate of Revenue Intelligence (DRI), Zonal Unit, Hyderabad, concerning non-fulfillment of export obligations under the Export Promotion Capital Goods (EPCG) Scheme. The show-cause notice was issued after the Resolution Plan for SML was approved by the National Company Law Tribunal (NCLT), Kolkata Bench, and the National Company Law Appellate Tribunal (NCLAT). SML argued that the DRI/DGFT failed to register their claims with the Resolution Professional (RP) despite a public announcement and specific e-mail regarding the Corporate Insolvency Resolution Process (CIRP). The DRI contended that SML had acknowledged the debt and sought

…

## Facts

Sree Metaliks Limited (SML) imported capital goods under the Export Promotion Capital Goods (EPCG) Scheme between October 2005 and November 2011, obliging them to fulfill export obligations. SML failed to meet these obligations and sought extensions of time. SML faced financial distress, leading to a reference registered under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) on 18.11.2014. SICA was later repealed with the enforcement of the Insolvency and Bankruptcy Code (IBC). A financial creditor, SREI Equipment Finance Limited, filed an application under Section 7 of the IBC, triggering the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) made a public announcement on 01.02.2017, inviting

…

## Issues and analysis

### Issue 1: Whether the claims reflected in the Resolution Plan as approved under Section 31 of the Code would …

**Ratio:** Once a resolution plan is duly approved by the adjudicating authority under sub-section

…

**Reasoning:** The Supreme Court in Ghanashyam Mishra held that the claims as provided in the resolution

…

**Interpretation:** Section 31 of the IBC provides that a resolution plan approved by the

…

**Application:** In this case, the court applied the principle that once a resolution plan is

…

## Parties

- **Judges:** RAJIV SHA…; Tara Vitast…
- **Respondents:** SREE METALIKS…; ADDITIONAL…
- **Other parties:** Kohi…

## Timeline

- **2017-01-30 — NCLT Admits SREI's…**: The NCLT admitted SREI's application and…
- **2017-02-01 — Public Announcement by…**: The IRP made a Public Announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/high-courts-new-delhi/sree-metaliks-limited-vs-additional-director-general-and-ors-7f6c404e