# In the matter of Forgings Private Limited C.A. 656(PB) -2018 In Comapny Petition No. IB-455(PB)-2017

> NCLT judgment dated 2018-10-26. Citation: TCN-2018-NCLT-00471. The case pertains to an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 26 Oct 2018
- **Citation:** TCN-2018-NCLT-00471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/forgings-private-limited-ca-656pb-2018-in-comapny-petition-no-ib-455pb-2017-60d59f5f

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Forgings Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by the sole financial creditor, Indiabulls Housing Finance Limited, under Section 7 of the Code. The application was admitted on 28.03.2018, and Mr. Sajeve Bhushan Deora was appointed as the Interim Resolution Professional (IRP).

## Facts

Indiabulls Housing Finance Limited, the sole financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Forgings Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-03-28, and Mr. Sajeve Bhushan Deora was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2018-03-31. The first meeting of the Committee of Creditors (CoC) was held on 2018-04-23, where the IRP was appointed as the Resolution Professional. The resolution professional submitted that Indiabulls Housing Finance Limited was the only financial creditor. Two valuers were appointed on 2018-05-05 to determine the fair value and liquidation value of the assets.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, Forgings Private Limited, under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

…

**Reasoning:** The court reasoned that no resolution plan was received despite inviting expressions of

…

**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

…

**Application:** Given the absence of a resolution plan and the CoC's decision, the court

…

## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Respondents:** Forgings Private…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition No.…
- **2018-03-28 — Application A…**: The application under Section 7 was admitted, and Mr. Sajeve Bhushan Deora was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/forgings-private-limited-ca-656pb-2018-in-comapny-petition-no-ib-455pb-2017-60d59f5f