# In the matter of Fusible Metals Pvt. Ltd. IB-2421-ND-2019

> NCLT judgment dated 2021-06-04. Citation: TCN-2021-NCLT-02028. The case involves an application under Section 33(1)(2) of the IB Code seeking the liquidation…

- **Court:** NCLT
- **Order date:** 4 Jun 2021
- **Citation:** TCN-2021-NCLT-02028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fusible-metals-pvt-ltd-ib-2421-nd-2019-a04721f7

## Summary

### Background

The case involves an application under Section 33(1)(2) of the IB Code seeking the liquidation and dissolution of the corporate debtor. The Adjudicating Authority heard submissions from the Counsel for the Resolution Professional (RP). The RP submitted a consent form to act as liquidator, filed vide IA No. 2440/2021. The Adjudicating Authority approved the appointment of Mr. Sudhanshu Gupta as liquidator and directed the liquidator to take steps as per law and file a special progress report within 4 weeks.

## Facts

M/s. Nivedan Fin-Invest Lease Ltd. filed a petition against M/s. Fusible Metals Pvt. Ltd. under Section 7 of the IBC, seeking liquidation and dissolution of the corporate debtor. The Resolution Professional (RP) submitted a consent form to act as liquidator. The Adjudicating Authority considered the submissions made by the Counsel for the RP and approved the appointment of Mr. Sudhanshu Gupta as liquidator. The liquidator is directed to take steps as per law and file a special progress report within 4 weeks. The application under Section 33(1)(2) of the IB Code was for initiating the liquidation process against the corporate debtor.

## Issues and analysis

### Issue 1: Whether the appointment of Mr. Sudhanshu …

**Ratio:** The Adjudicating Authority has the power to approve the appointment of a liquidator based

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**Reasoning:** The court considered the submissions made by the Counsel for the RP and the consent form

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**Interpretation:** This issue involves the interpretation of the IBC provisions related to the

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**Application:** The court applied the ratio to the specific facts of the case, where the RP had

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## Parties

- **Judges:** P.S.N. P…; SHRI, NARENDER…
- **Appellants:** M/s. Nivedan…
- **Respondents:** M/s. Fusible…

## Timeline

- **2021-06-04 — Order Del…**: Order delivered on 04.06.2021 regarding the…

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