# In the matter of Ang Industries Ltd. (IB)- 292 (ND)-2017 (Interim Order)

> NCLT judgment dated 2018-02-16. Citation: TCN-2018-NCLT-01811. The case involves a dispute regarding the representation of operational creditors in the…

- **Court:** NCLT
- **Order date:** 16 Feb 2018
- **Citation:** TCN-2018-NCLT-01811
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ang-industries-ltd-ib-292-nd-2017-interim-order-2b892291

## Summary

### Background

The case involves a dispute regarding the representation of operational creditors in the Committee of Creditors (COC) during the insolvency resolution process of Ang Industries Ltd. Shah Brothers Ispat Pvt. Ltd., an operational creditor, filed CA 46/2018, raising grievances that their prayer for representation was not responded to by the Resolution Professional (RP). The RP objected to individual separate representatives for operational creditors, suggesting a single representative for combined operational creditors. The applicant had earlier initiated winding up proceedings before the Hon'ble High Court of Delhi.

## Facts

Shah Brothers Ispat Pvt. Ltd., an operational creditor, filed CA 46/2018 due to grievances regarding representation in the COC. Their operational debt is over Rs. 26,44,17,155, inclusive of interest. Larsen & Toubro, another operational creditor (Respondent no. 4), has a liability of Rs. 15.5 crores. The Resolution Professional (RP) objected to separate representatives for each operational creditor, suggesting a single representative. The operational creditors' combined debt is more than 10% of the total debt. The Corporate Debtor, Ang Industries Ltd., is a listed public company with 72% public holding and initiated proceedings under Section 10 of the IBC. The applicant had earlier initiated winding up proceedings before the Hon'ble High Court of Delhi. The RP has

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## Issues and analysis

### Issue 1: Whether the operational creditors are entitled to have …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) and the report of the Joint Committee on the

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**Reasoning:** The court considered the arguments of both the operational creditor's counsel and the

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**Interpretation:** The court interpreted the provisions of the IBC to ensure transparency and

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**Application:** The court applied the ratio to the specific facts of the case, directing that

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Appellants:** Shah Brothers…
- **Respondents:** ANG Industries…; Larsen &…

## Timeline

- **2018-02-16 — Hearing…**: Hearing before the New Delhi Bench of…
- **2018-01-01 — Filing of CA…**: CA 46/2018 filed by Operational…

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