# In the matter of Concast Infratech Limited CA(IB) No.842-KB-2018, CA(IB) No. 1047-KB-2018 In CP(IB) No. 226-KB-2018

> NCLT judgment dated 2018-12-21. Citation: TCN-2018-NCLT-00022. The case involves an application filed by Srei Equipment Finance Ltd., the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 21 Dec 2018
- **Citation:** TCN-2018-NCLT-00022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/concast-infratech-limited-caib-no842-kb-2018-caib-no-1047-kb-2018-in-cpib-no-226-a609d141

## Summary

### Background

The case involves an application filed by Srei Equipment Finance Ltd., the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Concast Infratech Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted in paying its debt of Rs. 8,30,72,573/-. The application was admitted, and CIRP was initiated. Mr. Hanuman Mal Choraria was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

## Facts

Srei Equipment Finance Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Concast Infratech Limited due to a default of Rs. 8,30,72,573/-. The application was admitted on 2018-06-12, initiating the Corporate Insolvency Resolution Process (CIRP). Hanuman Mal Choraria was appointed as the IRP and later confirmed as the RP. The RP made a public announcement of the CIRP. The Committee of Creditors (CoC) was formed. The Corporate Debtor was uncooperative during the CIRP. The RP filed an application under section 19(2) of the I&B code. The CoC decided against issuing a public notice for an Expression of Interest (Eol) or a Resolution Plan. The Corporate Debtor's financial liabilities were Rs. 780 crores, while its net worth

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Concast Infratech Limited, should be liquidated due to its inability …

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

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**Reasoning:** The court reasoned that the Corporate Debtor had no tangible assets, its net worth was

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**Interpretation:** Section 33 of the I&B Code provides a mechanism for liquidation when CIRP

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**Application:** Given the Corporate Debtor's lack of tangible assets, high financial

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## Parties

- **Judges:** Madan B.…
- **Respondents:** Concast Infratech…

## Timeline

- **2018-06-12 — Application A…**: The authority admitted the application under Section 7 of the Insolvency & Bankruptcy…
- **2018-06-20 — Public Announcement of…**: The IRP made a public announcement of CIRP of the Corporate Debtor in daily English…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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