# In the matter of Kishori Lal Sudesh Kumar Metals Pvt. Ltd. IA No. 228-JPR-2020 in CP No. (IB)-276-7-JPR-2019

> NCLT judgment dated 2021-10-07. Citation: TCN-2021-NCLT-00802. The application, IA No. 228/JPR/2020, was filed by the Resolution Professional (RP) for M/s…

- **Court:** NCLT
- **Order date:** 7 Oct 2021
- **Citation:** TCN-2021-NCLT-00802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kishori-lal-sudesh-kumar-metals-pvt-ltd-ia-no-228-jpr-2020-in-cp-no-ib-276-7-jpr-a4d3f3cc

## Summary

### Background

The application, IA No. 228/JPR/2020, was filed by the Resolution Professional (RP) for M/s Kishori Lal Sudesh Kumar Metals Private Limited (Corporate Debtor) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of liquidation proceedings against the Corporate Debtor. The Adjudicating Authority had admitted an application filed by Mr. Raghav Aggarwal, the Financial Creditor, under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) and appointed Mr. Hansraj Mutreja as Interim Resolution Professional (IRP). The CoC was constituted, and in its first meeting on 07.03.2020, resolved to appoint Mr. Hansraj Mutreja as the RP. The RP appointed registered valuers to determine fair and liquidation values. In

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## Facts

Raghav Aggarwal, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kishori Lal Sudesh Kumar Metals Pvt. Ltd., the corporate debtor. Hansraj Mutreja was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and they decided to liquidate the corporate debtor because it had been non-operational for over 19 years and had limited assets (Plot No. E-909 RIICO, Industrial Area, Bhiwadi). The CoC resolved to appoint the existing RP, Hansraj Mutreja, as the liquidator. The RP filed an application (IA No. 228/JPR/2020) for liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC). The application was filed on 21.08.2020, after the CoC's

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC is maintainable given the …

**Ratio:** Section 33 of the IBC allows for the initiation of liquidation proceedings if no

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**Reasoning:** The court considered the notifications issued by NCLAT and IBBI regarding the exclusion

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**Interpretation:** The court interpreted Section 33 of the IBC in conjunction with the

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**Application:** The court applied this interpretation to the facts of the case, noting that the

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Respondents:** M/s Kishori Lal…

## Timeline

- **2020-01-30 — Admission of Ap…**: Application under Section 7…
- **2020-03-07 — First CoC M…**: The 1st meeting of the CoC was held, wherein the CoC resolved to appoint the IRP i.e.,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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