# in the matter of A B. M. Concrete Pvt. Ltd. IA No. 292-2020 in Company Petition No. (IB) 261-ALD-2019

> NCLT judgment dated 2021-09-21. Citation: TCN-2021-NCLT-01047. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 21 Sept 2021
- **Citation:** TCN-2021-NCLT-01047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/a-b-m-concrete-pvt-ltd-ia-no-292-2020-in-company-petition-no-ib-261-ald-2019-34affdea

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, A.B.M. Concrete Pvt. Ltd., and the appointment of a Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Financial Creditor, Oriental Bank of Commerce, under Section 7 of the IBC, 2016. Despite efforts, no resolution plan was received, and the Committee of Creditors (CoC) decided to liquidate the Corporate Debtor.

## Facts

The Resolution Professional (RP), Mr. Aditya Agarwal, filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of A.B.M. Concrete Pvt. Ltd. The CIRP was initiated based on an application by Oriental Bank of Commerce under Section 7 of the IBC. The Corporate Debtor was in continuous default of statutory filings and lacked financial statements. The CoC, primarily Oriental Bank of Commerce, determined that there was significant erosion in the value of the Corporate Debtor and no viable resolution plan was received. The RP's efforts to obtain information from the ex-management were unsuccessful. The CoC resolved to liquidate the Corporate Debtor and authorized the RP to file the necessary liquidation

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(1) of the Insolvency …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows the Resolution

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**Reasoning:** The CoC, in its commercial wisdom, decided to liquidate the Corporate Debtor due to the

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**Interpretation:** Section 33(1) provides a mechanism for liquidation when resolution efforts

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**Application:** The CoC's decision to liquidate A.B.M. Concrete Pvt. Ltd. triggered the RP's

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Aditya Ag…
- **Respondents:** A.B.M Concrete…; Oriental Bank of…

## Timeline

- **2019-10-21 — CIRP Init…**: The Bench admitted the application for initiation of CIRP filed by the Financial Creditor…
- **2019-11-14 — CoC Consti…**: Verified claims received…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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