# In the matter of Bhaskar Sharchi Alloys Private Limited I.A.(IB)_/KB-2020 in CP (IB) No. 701-KB-2019

> NCLT judgment dated 2020-04-29. Citation: TCN-2020-NCLT-01392. The case involves an application filed by the Resolution Professional (RP) under Section 33 of…

- **Court:** NCLT
- **Order date:** 29 Apr 2020
- **Citation:** TCN-2020-NCLT-01392
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhaskar-sharchi-alloys-private-limited-iaib_kb-2020-in-cp-ib-no-701-kb-2019-bc23dd9e

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the Corporate Debtor, M/s. Bhaskar Shrachi Alloys Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by the Operational Creditor, M/s. Damodar Valley Corporation, under Section 9 of the Code. The Adjudicating Authority admitted the petition on September 27, 2019, and appointed Shri Samir Agarwal as the Interim Resolution Professional (IRP).

## Facts

M/s. Damodar Valley Corporation, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Bhaskar Shrachi Alloys Limited, the Corporate Debtor, by filing a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the petition on September 27, 2019, and appointed Shri Samir Agarwal as the Interim Resolution Professional (IRP). The IRP took over the management and continued the resolution process. An Expression of Interest (EOI) was invited, and one EOI was received, but the applicant withdrew their interest. The Committee of Creditors (CoC) rejected the RP's request to repeat the publication of the EOI and authorized him to file an application for liquidation. The RP filed an

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional (RP) under Section 33 of the …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The court reasoned that the RP had made earnest efforts to find a resolution plan, but no

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**Interpretation:** Section 33 is interpreted to mean that if the CIRP fails to produce a

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**Application:** In this case, the RP filed the application under Section 33 because no

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## Parties

- **Judges:** Jinan…
- **Appellants:** M/s. Damodar…
- **Respondents:** M/s. Bhaskar…; Bhaskar Shrachi…

## Timeline

- **2019-09-27 — Admission of CIRP…**: The Adjudicating Authority admitted the Company Petition C.P. (IB) No. 701/KB/2019 filed…
- **2020-03-24 — Completion of 180 days…**: The 180-day period for the Corporate Insolvency…

## 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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