# In the matter of HIM ALLOYS AND STEELS PRIVATE LIMITED

> NCLT judgment dated 2026-01-22. Citation: TCN-2026-NCLT-00054. The application was filed by the Resolution Professional, Mr. Sandeep Goel, for the initiation…

- **Court:** NCLT
- **Order date:** 22 Jan 2026
- **Citation:** TCN-2026-NCLT-00054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/him-alloys-and-steels-private-limited-080a8582

## Summary

### Background

The application was filed by the Resolution Professional, Mr. Sandeep Goel, for the initiation of liquidation of the Corporate Debtor, Him Alloys and Steel Pvt. Ltd., under Section 33 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Syndicate Bank (now Canara Bank) filed an application under Section 7 of the IBC for initiating CIRP against Him Alloys and Steel Pvt. Ltd.

The Adjudicating Authority initiated CIRP against the Corporate Debtor on 22.11.2022 and appointed Mrs. Reshma Mittal as the Interim Resolution Professional.

The CoC, comprising Canara Bank with 100% voting share, replaced Mrs. Reshma Mittal with Mr. Sandeep Goel as the Resolution Professional on 21.01.2023.

The IRP appointed two Registered Valuers for the land and building of the Corporate Debtor.

The CoC approved inviting Expression of Interest on 08.06.2023.

The CoC rejected the Resolution Plan and resolved to recommend liquidation of the Corporate Debtor with 100% voting share on 29.09.2023.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated under Section 33 of the Insolvency and Bankruptcy …

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

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**Reasoning:** The CoC rejected the Resolution Plan with a 100% voting share and resolved to recommend

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**Interpretation:** The Adjudicating Authority interpreted Section 33 to allow for liquidation when

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**Application:** The Adjudicating Authority applied Section 33 and directed the Corporate Debtor

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Sandeep…; Syndicate…
- **Respondents:** Him Alloys and…
- **Other parties:** Canara…; Rajesh Sriv…; +1 more
- **Advocates:** Viren S…; Navelli…

## Timeline

- **2019-N/A-N/A — Application…**: Syndicate Bank filed an application under…
- **2022-11-22 — CIRP Init…**: The Adjudicating Authority initiated CIRP against the Corporate Debtor and appointed Mrs.…

## 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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