# In the matter of Abhishek Corporation Ltd. MA 887-2018 in CP 1499-I&B Code-2017

> NCLT judgment dated 2019-03-11. Citation: TCN-2019-NCLT-04510. The case involves an application (MA 887/2018) filed by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 11 Mar 2019
- **Citation:** TCN-2019-NCLT-04510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abhishek-corporation-ltd-ma-887-2018-in-cp-1499-ib-code-2017-e7f07ec8

## Summary

### Background

The case involves an application (MA 887/2018) filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) seeking the initiation of liquidation for the Corporate Debtor, Abhishek Corporation Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a Section 9 petition by an operational creditor, Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., due to default in payment. The CIRP involved public announcements, appointment of valuers, constitution of a Committee of Creditors (CoC), and attempts to find a resolution plan. Several extensions were sought for the CIRP period. Multiple applications were filed, including one by a resolution applicant (M/s Manibhadra Polycot) seeking directions to

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## Facts

Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., an operational creditor, filed a Section 9 petition against Abhishek Corporation Ltd. due to payment default, leading to the initiation of CIRP. Mr. Sandeep Singhal was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors, setting a deadline of 06.12.2017. Adroit Technical Services Pvt Ltd and Crest Capital Group Pvt Ltd were appointed as valuers. A Committee of Creditors (CoC) was formed, including several financial institutions. The resolution for appointing the IRP as the resolution professional was rejected by the CoC. Mr. Sameer Kakar was later appointed as the Resolution Professional (RP). The CIRP period was extended by 90 days. The RP

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can direct the CoC to reconsider a resolution plan that has been …

**Ratio:** The Adjudicating Authority's role is limited to the grounds mentioned in Section 30(2) of

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**Reasoning:** The Hon'ble Supreme Court in K. Sashidhar vs Indian Overseas Bank held that the

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**Interpretation:** The I&B Code emphasizes the commercial wisdom of the CoC and limits

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**Application:** The tribunal rejected the applications seeking directions to the CoC to

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Karvir Nivasini…
- **Respondents:** Abhishek Corporati…

## Timeline

- **2017-11-17 — CIRP Init…**: Section 9 Petition filed by Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd. was admitted,…
- **2017-11-23 — Public Annou…**: IRP issued a public…

## Legal provisions

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

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