# In the matter of Ankur Iron (India) Pvt. Ltd. MA 684-2020 in CP(IB)4694 (MB)-2018

> NCLT judgment dated 2020-08-03. Citation: TCN-2020-NCLT-00911. The case involves an application (MA 684/2020) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 3 Aug 2020
- **Citation:** TCN-2020-NCLT-00911
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ankur-iron-india-pvt-ltd-ma-684-2020-in-cpib4694-mb-2018-6aa9811a

## Summary

### Background

The case involves an application (MA 684/2020) filed by the Interim Resolution Professional (IRP) seeking a liquidation order for Ankur Iron (India) Pvt Ltd, the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Company Petition was admitted on 10.1.2020, and Santanu T Ray was appointed as the IRP. Public announcement was made as per Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP received claims from one financial creditor and two operational creditors. The CoC was constituted, but the suspended Board of Directors did not cooperate, and the directors/key managerial persons remained untraceable. The Corporate Debtor's registered office was sealed, and books of accounts were

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## Facts

The Interim Resolution Professional (IRP), Santanu T Ray, filed an application (MA 684/2020) seeking a liquidation order for Ankur Iron (India) Pvt Ltd, the Corporate Debtor. The Company Petition was admitted on 2020-01-10. A public announcement was made, and the IRP received claims from one financial creditor amounting to Rs. 18,97,37,781.29 and two operational creditors amounting to Rs. 1,58,23,846.00. The suspended Board of Directors did not cooperate with the IRP, and the directors/key managerial persons remained untraceable. The Corporate Debtor's registered office was sealed, and books of accounts were unavailable. The CoC, consisting of a sole member, decided that liquidation was in the best interest of the Corporate Debtor because the accounts of the Corporate

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass a liquidation order under Section 33 of the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The Adjudicating Authority noted that no resolution plan had been submitted before it by

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**Interpretation:** Section 33 provides a legal basis for initiating liquidation proceedings when

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**Application:** In this case, the absence of a resolution plan, coupled with the CoC's decision

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Santanu T…
- **Respondents:** Ankur Iron…; Prabhat Steel…

## Timeline

- **2020-01-10 — Admission of Company…**: The Company Petition against Ankur Iron…
- **2020-01-15 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement in Form A as per…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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