# In the matter of Aseem Ispat Pvt. Ltd. CP (IB) No. 68-Chd-Pb-2017

> NCLT judgment dated 2018-04-02. Citation: TCN-2018-NCLT-01616. The case involves an application filed by Mr. Vijay Modi, a promoter of the Corporate Debtor,…

- **Court:** NCLT
- **Order date:** 2 Apr 2018
- **Citation:** TCN-2018-NCLT-01616
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aseem-ispat-pvt-ltd-cp-ib-no-68-chd-pb-2017-cdfc6afd

## Summary

### Background

The case involves an application filed by Mr. Vijay Modi, a promoter of the Corporate Debtor, Singhania International Ltd., undergoing insolvency resolution process. The application seeks liquidation of the Corporate Debtor because the Corporate Debtor decided not to present any resolution plan. The Operational Creditor-Applicant is Singhania International Ltd. and the Corporate Debtor-Respondent is Aseem Ispat Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated after the admission of CP (IB) No. 68/Chd/Pb/2017 under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Adesh Kumar Singla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The 180-day period for completion of

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## Facts

Mr. Vijay Modi, a promoter of Aseem Ispat Pvt. Ltd., filed an application seeking liquidation of the Corporate Debtor. The Corporate Debtor, Aseem Ispat Pvt. Ltd., was undergoing insolvency resolution process. The CIRP was initiated based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 20.09.2017. Mr. Adesh Kumar Singla was appointed as the Interim Resolution Professional on 28.09.2017 and later confirmed as the Resolution Professional on 25.10.2017. The 180-day period for completion of the resolution process expired on 18.03.2018. No resolution plan was received. The Resolution Professional filed an event report on 16.03.2018. The Committee of Creditors unanimously resolved to recommend liquidation of the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the absence of a resolution plan within …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides for liquidation when no

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**Reasoning:** The court noted that the 180-day period for the resolution process had expired on

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**Interpretation:** Section 33 mandates liquidation if the CIRP fails to produce a viable

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**Application:** Since no resolution plan was received within the 180-day period, and the

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## Parties

- **Judges:** Pradeep R.…; R.P.Nag…
- **Appellants:** Singhania…
- **Respondents:** Aseem Ispat Pvt.…
- **Advocates:** Harsh…; Pulkit…; +1 more

## Timeline

- **2017-09-20 — Admission of CP (IB)…**: The Tribunal admitted CP (IB) No. 68/Chd/Pb/2017 filed under Section 9 of the Insolvency…
- **2017-09-28 — Appointment of Interim…**: Mr. Adesh Kumar Singla was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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