# In the matter of Dharam Paul Metal Pvt. Ltd. MA 1631-2019 in C.P. (IB)-16-(MB)-2018

> NCLT judgment dated 2019-05-20. Citation: TCN-2019-NCLT-03258. The case involves an application filed by the Resolution Professional (RP) under Section 33 of…

- **Court:** NCLT
- **Order date:** 20 May 2019
- **Citation:** TCN-2019-NCLT-03258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dharam-paul-metal-pvt-ltd-ma-1631-2019-in-cp-ib-16-mb-2018-52a542eb

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Dharam Paul Metal Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated by Shree Sai Industries Pvt. Ltd., an Operational Creditor, after their application under Section 9 of the IBC was admitted on October 15, 2018. An Interim Resolution Professional (IRP), Ms. Dipti Mehta, was appointed, and a Committee of Creditors (CoC) was formed, consisting of Kotak Mahindra Bank Ltd. The CoC later resolved to replace the IRP with Mr. Ajay Kumar. Despite the RP's efforts, the Corporate Debtor failed to provide necessary information and cooperate, leading the CoC to decide against

…

## Facts

Shree Sai Industries Pvt. Ltd., an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Dharam Paul Metal Pvt. Ltd., the Corporate Debtor. The petition was admitted on October 15, 2018, initiating the Corporate Insolvency Resolution Process (CIRP). Ms. Dipti Mehta was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Ajay Kumar. The Committee of Creditors (CoC), consisting of Kotak Mahindra Bank Ltd., was formed. The Corporate Debtor failed to provide necessary financial information, including balance sheets after March 31, 2013, and did not cooperate with the Resolution Professional (RP). The RP sought information from the Registrar of Companies (ROC) but found that the

…

## Issues and analysis

### Issue 1: Whether the application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking …

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

…

**Reasoning:** The Committee of Creditors (CoC) unanimously decided to proceed with liquidation due to

…

**Interpretation:** Section 33 provides a mechanism for the liquidation of a corporate debtor when

…

**Application:** Given the Corporate Debtor's non-cooperation, the expiry of the CIRP period,

…

## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Ajay K…
- **Respondents:** Dharam Paul Metal…

## Timeline

- **2018-10-15 — Admission of Section 9…**: The Hon'ble Tribunal admitted the petition u/s. 9 of “the code” filed by Shree Sai…
- **2018-11-27 — First Meeting…**: The first meeting of the Committee of Creditors (CoC) was convened by the Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/dharam-paul-metal-pvt-ltd-ma-1631-2019-in-cp-ib-16-mb-2018-52a542eb