# In the matter of DSRM Steels Private Limited MA-480-2019 in CP-1114-IB-2018

> NCLT judgment dated 2019-06-12. Citation: TCN-2019-NCLT-02938. The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jun 2019
- **Citation:** TCN-2019-NCLT-02938
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dsrm-steels-private-limited-ma-480-2019-in-cp-1114-ib-2018-d6957e24

## Summary

### Background

The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding M/s. D SRM Steels Private Limited. The Resolution Professional (RP), Mr. C. Ramasubramaniam, representing the Corporate Debtor, sought liquidation. The Corporate Debtor was admitted into CIRP on 2018-10-30, and the applicant was appointed as IRP. The RP received claims of Rs. 57,04,41,194.59 from the Financial Creditor, City Union Bank Limited, holding 100% voting rights. The RP appointed three Registered Valuers to value the assets. An Expression of Interest (EOI) was issued in newspapers on 2019-01-11. As no resolution plan was received by 2019-03-12, the CoC passed a resolution for liquidation on 2019-04-11 and appointed the applicant as Liquidator.

## Facts

M/s. D SRM Steels Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP). The application for CIRP was admitted on 2018-10-30, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the Committee of Creditors (CoC) appointed Mr. C. Ramasubramaniam as the Resolution Professional (RP) on 2018-11-28. The RP received claims amounting to Rs. 57,04,41,194.59 from City Union Bank Limited, the Financial Creditor with 100% voting rights. The RP appointed registered valuers to assess the company's assets. An Expression of Interest (EOI) was published in newspapers on 2019-01-11. However, no resolution plan was received by the deadline of 2019-03-12. Consequently, the CoC resolved for liquidation on 2019-04-11. The CoC appointed the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. D SRM Steels Private Limited, should be liquidated due to the …

**Ratio:** Section 33(2) of the IBC allows for liquidation when no resolution plan is received or

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**Reasoning:** The court noted that no resolution plan was received by the deadline, and the CoC had

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if no resolution plan is

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**Application:** Since no resolution plan was received for M/s. D SRM Steels Private Limited,

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## Parties

- **Judges:** CH.MOHD SHAIEF…; S. VIJAYARA…
- **Appellants:** C. Ramasubr…
- **Respondents:** M/s. D SRM Steels…
- **Advocates:** C. Ramasubr…

## Timeline

- **2018-10-30 — CIRP Admi…**: The application for Corporate Insolvency…
- **2018-11-28 — RP Appoin…**: Mr. C. Ramasubramaniam was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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