# In the matter of Conros Steels Private Limited IA No. 447-MB-2021 in CP (IB) No. 1561-MB-2017

> NCLT judgment dated 2021-05-27. Citation: TCN-2021-NCLT-02094. The case involves an application by the liquidator of Conros Steels Private Limited, which is…

- **Court:** NCLT
- **Order date:** 27 May 2021
- **Citation:** TCN-2021-NCLT-02094
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/conros-steels-private-limited-ia-no-447-mb-2021-in-cp-ib-no-1561-mb-2017-4ab185ea

## Summary

### Background

The case involves an application by the liquidator of Conros Steels Private Limited, which is undergoing liquidation, seeking the lifting of a lien marked by the respondents (Grup Grampanchayat Tambati and The Tahsildar and Executive Magistrate) on the corporate debtor's properties. The Corporate Insolvency Resolution Process (CIRP) was initiated on 19.12.2017, and liquidation was ordered on 21.08.2018 after the failure of the resolution process. During liquidation, the liquidator sold the factory premises on 07.09.2020, issuing a sale certificate to the purchaser on 05.02.2021. Respondent No. 2 issued a notice on 01.12.2020, claiming property tax arrears of ₹72,37,002 for the period 2010-11 to 2019-20 and marked a lien on the property records, preventing the

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## Facts

Conros Steels Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 19.12.2017. Due to the failure of the resolution process, the company was ordered into liquidation on 21.08.2018. Shantanu T. Ray was appointed as the liquidator. During liquidation, the liquidator sold the factory premises located at Survey Nos. 12, 26, 27, 28 & 29 of Village Vanavathe, Ajiwali Phata, Khopoli-Pen Road, Khalapur, Raigad – 410 203 on 07.09.2020, and a sale certificate was issued to Bharat Agarwal on 05.02.2021. The Grup Grampanchayat Tambati and The Tahsildar and Executive Magistrate, raised a claim of ₹72,37,002 towards property tax for the period 2010-11 to 2019-20 and marked a lien on the property records on 01.12.2020. This action prevented the

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## Issues and analysis

### Issue 1: Whether the lien marked by the Respondents on the property of the Corporate Debtor for outstanding …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 (IBC), aims to consolidate and amend the laws

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**Reasoning:** The court reasoned that the Corporate Debtor was ordered into CIRP on 19.12.2017 and

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**Interpretation:** The interpretation is that the IBC's provisions, particularly Section 53 and

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**Application:** In this case, the court applied the ratio by holding that the lien marked by

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Shantanu…
- **Respondents:** Conros Steels…; Grup Grampanchayat…

## Timeline

- **2017-12-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Conros Steels Private…
- **2018-08-21 — Liquidation…**: Liquidation of Conros Steels Private Limited ordered due to the failure of the resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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