# In the matter of VIVEK STEELCO PRIVATE LIMITED

> NCLT judgment dated 2023-07-11. Citation: TCN-2023-NCLT-05333. The application was filed by the Resolution Professional/Applicant of the Corporate Debtor…

- **Court:** NCLT
- **Order date:** 11 Jul 2023
- **Citation:** TCN-2023-NCLT-05333
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/vivek-steelco-private-limited-8dd30d36

## Summary

### Background

The application was filed by the Resolution Professional/Applicant of the Corporate Debtor under section 33(1)(b) read with section 34(1) of the Insolvency and Bankruptcy Code, 2016 for passing an order of liquidation of the Corporate Debtor- M/s. Vivek Steelco Private Limited and to appoint RP as liquidator.

## Facts

The Adjudicating Authority admitted the Corporate Debtor into CIRP on 08.10.2020, based on an application by the Operational Creditor, Mr. Sanjay S. Jaiswal.

Mr. Trupalkumar Patel was appointed as Interim Resolution Professional (IRP).

The IRP made a public announcement as required under Regulation 6 of the IBBI on 16.10.2020.

A Committee of Creditors (COC) was constituted, consisting of two Financial creditors: Rajkot Nagrik Sahakari Bank Ltd. (92.32% voting share) and MAS Financial Services Ltd. (7.68% voting share).

The COC passed a resolution to replace the IRP and appoint Mr. Keyur J. Shah as the RP, which was approved by the Adjudicating Authority on 05.01.2021.

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## Issues and analysis

### Issue 1: Whether the decision of the COC to liquidate the …

**Ratio:** The Adjudicating Authority is of the opinion that the decision of the COC, taken in its

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**Reasoning:** The COC has decided to take the

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**Interpretation:** The commercial wisdom of the COC is given due importance in the decision-making

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**Application:** The application seeking liquidation of the Corporate Debtor is allowed based on

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** Keyur J.…
- **Respondents:** Vivek Steelco…
- **Other parties:** Rajkot Nagrik…; MAS Financial…; +3 more
- **Advocates:** Noopur…; Meet Pans…

## Timeline

- **2020-10-08 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into CIRP based on an…
- **2020-10-16 — Public Annou…**: The IRP made a public announcement as…

## 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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