# In the matter of C. S. Tubes Pvt. Ltd. MA 1660-2019 in C.P. 2869-I&BP-MB-2018

> NCLT judgment dated 2019-07-08. Citation: TCN-2019-NCLT-02643. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…

- **Court:** NCLT
- **Order date:** 8 Jul 2019
- **Citation:** TCN-2019-NCLT-02643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/c-s-tubes-pvt-ltd-ma-1660-2019-in-cp-2869-ibp-mb-2018-6c1db9b0

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by an order of the Adjudicating Authority dated 2019-01-15, on a Section 10 Petition filed by the Corporate Applicant, C. S. Tubes Pvt. Ltd. Mr. Pradeep V. Samant was appointed as Interim Resolution Professional and thereafter confirmed by the Committee of Creditors (CoC) as Resolution Professional (RP). The RP submitted that a public announcement was made on 2019-02-09, fixing 2019-02-21 as the last day for submitting claims by creditors, and six claims were received from financial creditors. The IRP constituted the CoC. The RP also submitted that two valuers were appointed to determine the fair value of the Corporate Applicant, but they could not identify the agriculture

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against an unnamed Corporate Debtor based on a Section 10 petition filed by C. S. Tubes Pvt. Ltd. on 2019-01-15. Pradeep V. Samant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). A public announcement was made on 2019-02-09, setting 2019-02-21 as the deadline for creditors to submit claims; six claims were received from financial creditors. The RP appointed two valuers to assess the fair value of the Corporate Applicant's assets, but they were unable to identify the agriculture land owned by the Corporate Debtor due to its location in a tribal area and lack of assistance from revenue officers because of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency & …

**Ratio:** Section 33 of the Insolvency & Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The court reasoned that since no resolution plan was submitted by the Resolution

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if a resolution plan fails to

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**Application:** The court applied Section 33 to the facts of the case, noting that the CoC had

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** C. S. Tubes Pvt.…

## Timeline

- **2019-01-15 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2019-02-09 — Public Annou…**: Public announcement was made, fixing 2019-02-21 as the last day for submitting claims by…

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