# In the matter of G.R. S. Ispat Company Pvt. Ltd. C.A.2178-ND-2019 in Company Petition No. (IB)-2590(ND)-2019

> NCLT judgment dated 2020-07-29. Citation: TCN-2020-NCLT-00942. The case involves an application filed by the Resolution Professional (RP) under Section 33(2)…

- **Court:** NCLT
- **Order date:** 29 Jul 2020
- **Citation:** TCN-2020-NCLT-00942
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gr-s-ispat-company-pvt-ltd-ca2178-nd-2019-in-company-petition-no-ib-2590nd-2019-d067d3ca

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor (CD), G.R.S. Ispat Company Private Limited. The Operational Creditor, Shipyard Co., had initially filed an application under Section 9 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the CD, which was admitted on 28.11.2019. The Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted.

## Facts

Shipyard Co., an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against G.R.S. Ispat Company Private Limited, the Corporate Debtor (CD), by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2019-11-28, leading to the appointment of Mr. Navjit Singh as the Interim Resolution Professional (IRP). The IRP made a public announcement and constituted a Committee of Creditors (CoC). The CoC, in its fourth meeting, decided to liquidate the CD, finding no feasibility or viability in continuing with CIRP. The RP then filed an application for liquidation, which was approved by the CoC with 100% voting shares. Mr. Saket Saroha, a suspended director of the CD, did not raise any objection

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33(2) of the …

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

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**Reasoning:** The CoC, in its fourth meeting, approved the resolution for liquidation with 100% voting

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the CoC's decision to liquidate the Corporate Debtor was made

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Respondents:** G.R.S. Ispat…; Shipyar…

## Timeline

- **2019-11-28 — CIRP Init…**: Application under Section 9 of IBC admitted,…
- **2019-12-27 — First CoC M…**: The first meeting of the…

## Legal provisions

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

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