# In the matter of Kandla Steel Private Limited MA 205-2018 In TCP No. 914-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-07-19. Citation: TCN-2018-NCLT-01115. The case pertains to an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Jul 2018
- **Citation:** TCN-2018-NCLT-01115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kandla-steel-private-limited-ma-205-2018-in-tcp-no-914-ibc-nclt-mb-mah-2017-6ad866b4

## Summary

### Background

The case pertains to an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, M/s. Kandla Steel Private Limited. The initial petition under Section 9 of the IBC was filed by the Operational Creditor, M/s. Indian Steel Corporation Limited, and was admitted on 2017-10-07. Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to personal reasons, Mr. Jain resigned, and Mr. Anish Gupta was appointed as the new RP. The Committee of Creditors (CoC) comprised of the Operational Creditor and Assistant Commissioner of Income Tax (OSD), Gandhidham. The RP reported that the Corporate Debtor had minimal assets and significant tax

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## Facts

M/s. Indian Steel Corporation Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Kandla Steel Private Limited (Corporate Debtor). The petition was admitted on 2017-10-07. Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Mr. Jain resigned due to personal reasons, and Mr. Anish Gupta was appointed as the new RP. The Committee of Creditors (CoC) consisted of M/s. Indian Steel Corporation Limited and the Assistant Commissioner of Income Tax (OSD), Gandhidham. The Corporate Debtor had minimal assets, consisting only of furniture, fixtures, and office equipment valued at ₹5,475. The Corporate Debtor had significant tax

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## Issues and analysis

### Issue 1: Whether the application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the …

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

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**Reasoning:** The court considered the RP's application, the progress reports, and the fact that the

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation proceedings

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**Application:** Given the Corporate Debtor's lack of assets, the pending tax liabilities, and

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## Parties

- **Judges:** M.K. Sh…
- **Respondents:** M/s. Kandla Steel…

## Timeline

- **2017-10-07 — Admission of…**: The petition under Section 9 of the IBC filed by M/s. Indian Steel Corporation Limited…
- **2017-12-06 — First Meeting…**: The first meeting of the…

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