# In the matter of ABG Shipyard Ltd. IA 113-2019 in C.P. (I.B) No.53-2017

> NCLT judgment dated 2019-04-25. Citation: TCN-2019-NCLT-03697. The case involves an application (IA No. 113 of 2019) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 25 Apr 2019
- **Citation:** TCN-2019-NCLT-03697
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abg-shipyard-ltd-ia-113-2019-in-cp-ib-no53-2017-28bd7d1c

## Summary

### Background

The case involves an application (IA No. 113 of 2019) filed by the Resolution Professional (RP) of ABG Shipyard Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by ICICI Bank under Section 7 of the Code. The RP was appointed and made a public announcement, inviting claims from creditors. Despite efforts to find a resolution plan, the Committee of Creditors (CoC) approved liquidation in its 21st meeting, authorizing the RP to file the application for liquidation.

## Facts

ICICI Bank initiated Corporate Insolvency Resolution Process (CIRP) against ABG Shipyard Limited by filing CP(IB)No. 53/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 01.08.2017, and Mr. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 05.08.2017, inviting claims from creditors. The appointment of the Applicant as the Resolution Professional was confirmed by the members of CoC through electronic voting on 7th September, 2017. Expression of Interest (Eols) were invited from prospective resolution applicants, with 28th September, 2017 as the last date for submission. Eols were received from Liberty House Group Pte Ltd., Mahindra and Mahindra Ltd. and AFCONS

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## Issues and analysis

### Issue 1: Whether the CoC's decision to liquidate the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the CoC's approval of liquidation, supported by

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**Interpretation:** The Adjudicating Authority interpreted Section 33(2) of the IBC in light of the

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**Application:** The Adjudicating Authority applied the ratio by approving the CoC's decision to

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Sunil Kumar Jain…
- **Respondents:** ABG Shipyar…; Sundaresh…

## Timeline

- **2017-08-01 — Admission of CP(IB) No.…**: The Adjudicating Authority admitted the main Company Petition (bearing No. CP (IB)…
- **2017-08-05 — Public Annou…**: The Resolution Professional made a public announcement as per the provisions of section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43(2) — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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