# In the matter of Asian Natural Resources (India) Ltd. C.P. (I.B)) No. 19-7-NCLT-AHM-2017

> NCLT judgment dated 2018-02-09. Citation: TCN-2018-NCLT-01852. The case involves an application filed by the resolution professional seeking an order for…

- **Court:** NCLT
- **Order date:** 9 Feb 2018
- **Citation:** TCN-2018-NCLT-01852
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-natural-resources-india-ltd-cp-ib-no-19-7-nclt-ahm-2017-945f655d

## Summary

### Background

The case involves an application filed by the resolution professional seeking an order for liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by IDBI Bank Ltd. (Financial Creditor) under section 7 of the Code, with the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) in its third meeting held on 2018-01-10 resolved that a resolution plan was not feasible for the corporate debtor and decided to proceed with liquidation, replacing the existing Resolution Professional (RP) with Mr. Abhishek Nagori as the liquidator. The Adjudicating Authority had previously rejected a request for extension of time for the CIRP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Asian Natural Resources (India) Ltd. based on a petition filed by IDBI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) convened and, in its third meeting on 2018-01-10, concluded that a resolution plan was not viable. Consequently, the COC resolved to proceed with liquidation. The COC also decided to replace the existing Resolution Professional (RP), Mr. Anshuman Chaturvedi, due to his unwillingness to continue as liquidator in the liquidation process. The COC recommended Mr. Abhishek Nagori as the new liquidator. The IBBI approved a panel of Insolvency Professionals, including Mr.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows for the initiation of

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**Reasoning:** The COC, in its meeting, resolved that a resolution plan was not possible for the

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**Interpretation:** The interpretation of Section 33(2) is that if the COC, after due

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**Application:** In this case, the COC determined that a resolution plan was not feasible, and

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** Anshuman Chaturved…
- **Respondents:** Asian Natural…; IDBI Bank…

## Timeline

- **2017-12-22 — Rejection of Extension…**: The Adjudicating Authority rejected the request for extension of time vide IA 393/2017…
- **2018-01-01 — IBBI Let…**: IBBI by its letter dated 2018-01-01 addressed to the Hon'ble president of NCLT, New Delhi…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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