# In the matter of Barjora Steel  &  Re-rolling Mills Private Limited CP (IB) No. 175-KB-2017

> NCLT judgment dated 2018-03-21. Citation: TCN-2018-NCLT-01660. Sreerampur Ispat Private Limited, an Operational Creditor, filed an application under Section 9…

- **Court:** NCLT
- **Order date:** 21 Mar 2018
- **Citation:** TCN-2018-NCLT-01660
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/barjora-steel-re-rolling-mills-private-limited-cp-ib-no-175-kb-2017-df47e838

## Summary

### Background

Sreerampur Ispat Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Barjora Steel & Re-rolling Mills Pvt. Ltd. (Corporate Debtor). The application was initially admitted, and an Interim Resolution Professional (IRP), Mr. Vinod Kumar Kothari, was appointed. The IRP's appointment was later approved by the Committee of Creditors (CoC). However, the IRP expressed his inability to continue the CIRP and recommended liquidation due to the Corporate Debtor's non-cooperation and lack of financial aid from the CoC. The Operational Creditor had proposed a different IRP, but the adjudicating authority appointed Mr. Kothari. The

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## Facts

Sreerampur Ispat Private Limited, an operational creditor, initiated CIRP against Barjora Steel & Re-rolling Mills Pvt. Ltd. due to unpaid debt. The application was admitted on 2017-05-18, and Mr. Vinod Kumar Kothari was appointed as IRP. The Operational Creditor proposed Mr. Kailash Chandra Dhanuka as IRP, but the adjudicating authority appointed Mr. Kothari. The IRP's appointment was approved by the CoC. The IRP faced non-cooperation from the Corporate Debtor, hindering information collection and the preparation of an Information Memorandum. The CoC did not provide financial aid, preventing the appointment of valuers for asset valuation. The IRP expressed his inability to continue the CIRP and recommended liquidation. The maximum period for CIRP completion

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should continue given the lack of …

**Ratio:** The Corporate Insolvency Resolution Process is a time-bound process, and its success

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**Reasoning:** The adjudicating authority noted that there was a lack of cooperation from the Corporate

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**Interpretation:** The lack of cooperation from key stakeholders fundamentally undermines the

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**Application:** In this case, the lack of cooperation from the Corporate Debtor and the CoC

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## Parties

- **Judges:** Jinan…
- **Respondents:** Barjora Steel &…

## Timeline

- **2017-05-18 — Application A…**: Application for CIRP admitted, and Mr. Vinod Kumar Kothari appointed as Interim…
- **2017-05-01 — IRP Appointme…**: Mr. Vinod Kumar Kothari appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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