# 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-03691. 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-03691
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abg-shipyard-ltd-ia-113-2019-in-cp-ib-no53-2017-b4fab3c7

## 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 an order to liquidate the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by ICICI Bank under Section 7 of the Code. The RP was appointed and made a public announcement, inviting claims from creditors. The RP received Expression of Interests (EOIs) from prospective resolution applicants, but ultimately, only one resolution applicant, Liberty House Group (LHG), submitted a plan. This plan was later disqualified. A second bid process was initiated, but again, LHG was the sole applicant. The Committee of Creditors

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## 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 (IBC). Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited Expression of Interests (EOIs) from prospective resolution applicants. Liberty House Group (LHG) was the sole resolution applicant in the first bid process but was disqualified. A second bid process also resulted in LHG being the sole applicant. The Committee of Creditors (CoC) approved the liquidation of ABG Shipyard Limited with 84.63% of the votes. Several Interlocutory Applications (IAs) were filed during the CIRP, addressing issues such

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, ABG Shipyard Limited, under …

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

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**Reasoning:** The Committee of Creditors (CoC) approved the liquidation of ABG Shipyard Limited with

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** In this case, the CoC's decision to liquidate ABG Shipyard Limited was

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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 Company Petition filed by ICICI Bank, initiating…
- **2017-08-05 — Public Annou…**: The Resolution Professional made a public announcement as per Section 15 of the Code,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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