# In the matter of State Bank of India Vs. Liberty House Group Pte. Ltd. CA(AT)(Ins)No. 870 of 2019

> NCLAT judgment dated 2020-01-22. Citation: TCN-2020-NCLAT-00510. The case involves Company Appeals (AT) (Insolvency) Nos. 724, 725, and 870 of 2019 before the…

- **Court:** NCLAT
- **Order date:** 22 Jan 2020
- **Citation:** TCN-2020-NCLAT-00510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-vs-liberty-house-group-pte-ltd-ca-437cb384

## Summary

### Background

The case involves Company Appeals (AT) (Insolvency) Nos. 724, 725, and 870 of 2019 before the National Company Law Appellate Tribunal (NCLAT). Liberty House Group Pte. Ltd., as the 'Successful Resolution Applicant' for Adhunik Metaliks Ltd. and Zion Steel Ltd. (both Corporate Debtors), filed an affidavit seeking permission to comply with the resolution plans. The appeals arise from orders related to the liquidation of Adhunik Metaliks Ltd. and Zion Steel Ltd.

## Facts

Liberty House Group Pte. Ltd. was the 'Successful Resolution Applicant' for Adhunik Metaliks Ltd. and Zion Steel Ltd., both of which are 'Corporate Debtors'. Liberty House filed an affidavit seeking permission to comply with the resolution plans for these companies. The resolution plans had been approved by the Adjudicating Authority, Kolkata, on July 17, 2018, and July 10, 2018, respectively, without modifications. The payment to financial creditors for Adhunik was Rs. 410 Crores, and for Zion, it was Rs. 15 Crores. Liberty House had already deposited Rs. 50 Crores for Adhunik and Rs. 5 Crores for Zion. The proposal was for Liberty House to deposit the remaining amounts (Rs. 360 crores for Adhunik and Rs. 10 crores for Zion) within three weeks of the NCLAT order. The

…

## Issues and analysis

### Issue 1: Whether the 'Successful Resolution Applicant', Liberty House Group Pte. Ltd., should be granted an …

**Ratio:** The principle of providing an opportunity for the successful resolution applicant to

…

**Reasoning:** The court reasoned that giving Liberty House Group Pte. Ltd. an opportunity to comply

…

**Interpretation:** The interpretation involves allowing the resolution applicant to fulfill its

…

**Application:** The court applied this principle by directing Liberty House Group Pte. Ltd. to

…

## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Liberty House…
- **Respondents:** Adhunik Metaliks…; State Bank of…

## Timeline

- **2018-07-17 — Approval of Resolution Plan for Adhunik…**: The Ld. Adjudicating Authority, Kolkata, approved the Resolution Plan for Adhunik…
- **2018-07-10 — Approval of Resolution…**: The Ld. Adjudicating Authority, Kolkata, approved the Resolution Plan for Zion Steel Ltd.…

---

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/nclat-new-delhi/state-bank-of-india-vs-liberty-house-group-pte-ltd-ca-437cb384