# In the matter of Ang Industries Ltd. CP No. (IB)-292-(ND)-2017

> NCLT judgment dated 2018-10-15. Citation: TCN-2018-NCLT-00565. Ang Industries Limited filed an application under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Oct 2018
- **Citation:** TCN-2018-NCLT-00565
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ang-industries-ltd-cp-no-ib-292-nd-2017-5687c933

## Summary

### Background

Ang Industries Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was admitted by the NCLT. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of a Resolution Professional (RP) by the Committee of Creditors (CoC). The RP filed an application for approval of a resolution plan, which was heard by the bench. Subsequently, the consortium of resolution applicants withdrew their resolution plan. The RP also opined that in the absence of a resolution plan, the Corporate Debtor may be liquidated.

## Facts

Ang Industries Limited, the Corporate Debtor, initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted by the NCLT. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of a Resolution Professional (RP). The RP filed an application for approval of a resolution plan, but the consortium of resolution applicants withdrew their plan. The RP suggested liquidation in an additional affidavit, but without a formal prayer or CoC authorization. The court found the valuation reports submitted by the RP unconvincing. MM Forging, a respondent applicant, expressed willingness to improve its bid. The Corporate Debtor is a public listed company with approximately

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## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor can be initiated without a formal prayer for …

**Ratio:** Section 33(2) of the IBC mandates that the Adjudicating Authority can pass a liquidation

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**Reasoning:** The court reasoned that although the Resolution Professional suggested liquidation, there

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that the decision to liquidate

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**Application:** In this case, since there was no formal prayer for liquidation and no approval

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## Parties

- **Judges:** Ina Mal…; Deepa Kr…; +1 more
- **Respondents:** ANG Industries…; Giriraj Subramaniu…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition no.…
- **2017-08-30 — Order Da…**: Order dated 30.08.2017 and Mr. Ilam Chand Kamboj was appointed as Interim resolution…

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