# In the matter of Adhunik Metaliks Ltd CP(IB) No. 373-KB-2017 CA (IB) No. 106-KB-2018, 1072-KB-2018,1138 -KB-2018

> NCLT judgment dated 2018-12-12. Citation: TCN-2018-NCLT-00102. The case involves multiple applications (CA(IB) Nos. 1069, 1072, and 1138/KB/2018) within the…

- **Court:** NCLT
- **Order date:** 12 Dec 2018
- **Citation:** TCN-2018-NCLT-00102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adhunik-metaliks-ltd-cpib-no-373-kb-2017-ca-ib-no-106-kb-2018-1072-kb-20181138-k-b667f1d3

## Summary

### Background

The case involves multiple applications (CA(IB) Nos. 1069, 1072, and 1138/KB/2018) within the Corporate Insolvency Resolution Process (CIRP) of Adhunik Metaliks Ltd., initiated by State Bank of India. CA(IB) No. 1069/KB/2018 was filed by the Committee of Creditors (CoC) alleging non-compliance with the approved Resolution Plan, specifically the failure to pay the upfront amount of Rs. 410 Crores. CA(IB) No. 1072/KB/2018 was filed by the Resolution Applicant, Liberty House Group Pvt. Ltd., seeking directions to implement the Resolution Plan. CA(IB) No. 1138/KB/2018 was filed by MSTC Ltd., an operational creditor, seeking relief against the Resolution Professional (RP) in anticipation of liquidation.

## Facts

State Bank of India initiated CIRP against Adhunik Metaliks Ltd. A Resolution Plan was approved by the Adjudicating Authority on 2018-07-17. The Committee of Creditors (CoC) filed an application (CA(IB) No. 1069/KB/2018) alleging non-compliance with the Resolution Plan, specifically the failure of the Resolution Applicant to pay the upfront amount of Rs. 410 Crores. The Resolution Applicant, Liberty House Group Pvt. Ltd., filed an application (CA(IB) No. 1072/KB/2018) seeking directions to implement the Resolution Plan. MSTC Ltd., an operational creditor, filed an application (CA(IB) No. 1138/KB/2018) seeking relief against the Resolution Professional (RP) in anticipation of liquidation, claiming that the liquidation value payable to them is nil according to the

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant has complied with …

**Ratio:** A resolution applicant is bound by the terms of the approved resolution plan, and failure

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**Reasoning:** The court noted that the Resolution Applicant admitted to breaching the terms of the

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**Interpretation:** This highlights the importance of adhering to the terms of the approved

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**Application:** The Resolution Applicant's admitted failure to pay the upfront amount as per

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## Parties

- **Judges:** Jinan…
- **Appellants:** State Bank of…
- **Respondents:** Adhunik Metaliks…; Liberty House…

## Timeline

- **2018-12-12 — Hearing…**: Hearing on CA(IB) Nos. 1069, 1072 &…
- **2018-07-17 — Approval of Resolution…**: The Adjudicating Authority…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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