# In the matter of Asian Natural Resources (India) Ltd. I.A. No. 545-2019 in TP 161 of 2019 C.P. (I.B) No. 19-7-NCLT-AHM-2017

> NCLT judgment dated 2020-05-29. Citation: TCN-2020-NCLT-01279. The application, IA 545 of 2019 in TP 161 of 2019 [CP(IB) 19 of 2017], was filed by the…

- **Court:** NCLT
- **Order date:** 29 May 2020
- **Citation:** TCN-2020-NCLT-01279
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-natural-resources-india-ltd-ia-no-545-2019-in-tp-161-of-2019-cp-ib-no-19-7-d6e31942

## Summary

### Background

The application, IA 545 of 2019 in TP 161 of 2019 [CP(IB) 19 of 2017], was filed by the Liquidator of Asian Natural Resources (India) Limited under section 33(5) read with 35(1)(k) of the Insolvency and Bankruptcy Code, 2016, seeking permission from the Adjudicating Authority to continue legal proceedings instituted by/against the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by IDBI Bank, and the application was admitted under Section 7 of the Code on 2017-05-23. The Committee of Creditors (CoC) decided on 2018-01-05 to liquidate the Respondent Company, and the Adjudicating Authority admitted the liquidation application on 2018-02-09, appointing the Applicant as a Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Asian Natural Resources (India) Limited by IDBI Bank, with the application being admitted on 2017-05-23. Subsequently, the Committee of Creditors (CoC) decided to liquidate the company, and on 2018-02-09, the Adjudicating Authority admitted the liquidation application, appointing a Liquidator. The Liquidator then filed an application (IA 545 of 2019) seeking permission to continue legal proceedings instituted by or against the Corporate Debtor, citing Section 33(5) and 35(1)(k) of the Insolvency and Bankruptcy Code, 2016. The application highlighted that the moratorium imposed under Section 14 of the Code was no longer effective as the CIRP period had ended and a liquidation order had been passed.

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## Issues and analysis

### Issue 1: Whether the Liquidator requires permission from the Adjudicating Authority to continue legal …

**Ratio:** Section 33(5) of the Insolvency and Bankruptcy Code, 2016, read with Section 35(1)(k),

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**Reasoning:** The Adjudicating Authority reasoned that the Liquidator's application was for the

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**Interpretation:** This interpretation clarifies that even after the CIRP period ends and a

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**Application:** In this case, the Liquidator sought permission to continue two legal

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Abhishek…
- **Respondents:** Asian Natural…
- **Advocates:** Nipun Si…; Vishal J…; +4 more

## Timeline

- **2017-05-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor by…
- **2018-01-05 — CoC Deci…**: Committee of Creditors (CoC) decided to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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