# In the matter of DDS Steel Rolling Mills Pvt. Ltd. MA-237-IB-2018 in CP-189-IB-2018

> NCLT judgment dated 2018-07-18. Citation: TCN-2018-NCLT-01121. The case involves MA/237/IB/2018 filed in CP/189/IB/2018 concerning M/s. DDS Steel Rolling…

- **Court:** NCLT
- **Order date:** 18 Jul 2018
- **Citation:** TCN-2018-NCLT-01121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dds-steel-rolling-mills-pvt-ltd-ma-237-ib-2018-in-cp-189-ib-2018-0d367566

## Summary

### Background

The case involves MA/237/IB/2018 filed in CP/189/IB/2018 concerning M/s. DDS Steel Rolling Mills Pvt. Ltd., the Corporate Debtor. An application was filed by SREI Equipment Finance Limited, a Financial Creditor, under Section 7 of the I&B Code, 2016. The application was admitted on 06.03.2018, initiating the Corporate Insolvency Resolution Process (CIRP). A moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. During the CIRP, the Resolution Professional received claims from Indian Overseas Bank and SREI Equipment Finance Limited. The Resolution Professional found that the Corporate Debtor had no office or factory, only vacant land. CBI had raided the office premises and seized all documents and records, including bank accounts. The

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## Facts

M/s. DDS Steel Rolling Mills Pvt. Ltd. is the Corporate Debtor. An application was filed by SREI Equipment Finance Limited, a Financial Creditor, under Section 7 of the I&B Code, 2016. The application was admitted on 06.03.2018, initiating the Corporate Insolvency Resolution Process (CIRP). Mrs. Revathi Sridharan was appointed as the Resolution Professional (RP). During the CIRP, the RP received claims from Indian Overseas Bank and SREI Equipment Finance Limited. The RP found that the Corporate Debtor had no office or factory, only vacant land. CBI had raided the office premises and seized all documents and records, including bank accounts. The operations of the Corporate Debtor have been closed since 2010. The Indian Overseas Bank had sold the assets of the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. DDS Steel Rolling Mills Pvt. Ltd., should be dissolved under …

**Ratio:** Section 54(2) of the I&B Code, 2016, allows the Adjudicating Authority to order the

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**Reasoning:** The court reasoned that the Corporate Debtor had no assets, its operations had been

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**Interpretation:** Section 54(2) of the I&B Code is interpreted to mean that if a corporate

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**Application:** In this case, the Corporate Debtor, M/s. DDS Steel Rolling Mills Pvt. Ltd., had

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** M/s. DDS Steel…

## Timeline

- **2018-03-06 — Application A…**: Application filed by SREI Equipment Finance Limited under Section 7 of the I&B Code was…
- **2018-04-03 — CoC Meet…**: In the 1st meeting of CoCs, Mrs.…

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