# 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-01050. The case involves an application filed by the Resolution Professional (RP) under Section 33(1)…

- **Court:** NCLT
- **Order date:** 21 Sept 2021
- **Citation:** TCN-2021-NCLT-01050
- **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-2019-70f18d06

## Summary

### Background

The case involves 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. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made. The Committee of Creditors (CoC) was constituted, but the Corporate Debtor remained in default of statutory filings, and only one claim was verified due to the absence of Financial Statements.

## Facts

The Resolution Professional (RP) filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of A.B.M. Concrete Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by Oriental Bank of Commerce under Section 7 of the IBC, 2016. Mr. Aditya Agarwal was appointed as the Interim Resolution Professional (IRP). The directors/officers of the Corporate Debtor were uncooperative. The Committee of Creditors (CoC) meetings had low attendance, with only Oriental Bank of Commerce attending the second meeting. No resolution plan was received despite efforts to appoint valuers and publish an Expression of Interest (EOI). The Corporate Debtor was in default of statutory filings, and only one

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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 for the initiation of

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**Reasoning:** The Tribunal considered the provisions of law and the documents on record, noting the

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**Interpretation:** Section 33(1) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the RP filed the application under Section 33(1) after the CoC

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Aditya Ag…
- **Respondents:** A.B.M Concrete…; Oriental Bank of…
- **Advocates:** Shubham A…

## Timeline

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

## 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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