# In the matter of Kutch Engineering Private Limited MA 204-2018 In TCP No. 535-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-07-19. Citation: TCN-2018-NCLT-01116. The case pertains to an application under Section 33(1)(a) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Jul 2018
- **Citation:** TCN-2018-NCLT-01116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kutch-engineering-private-limited-ma-204-2018-in-tcp-no-535-ibc-nclt-mb-mah-2017-19ecb07b

## Summary

### Background

The case pertains to an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of M/s. Kutch Engineering Private Limited, the Corporate Debtor. An application under Section 9 of the IBC was initially admitted on 20.07.2017, leading to the appointment of Mr. Manish Jain as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Due to personal reasons, Mr. Jain resigned, and Mr. Anish Gupta was appointed as the new RP on 15.01.2018, confirmed by the Bench on 10.04.2018. Public announcement was made on 13.09.2017, inviting claims against the Corporate Debtor. Only two creditors, M/s. Indian Steel Corporation Limited and Mr. Binod Mishra, filed claims. The Committee of Creditors (CoC)

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## Facts

M/s. Kutch Engineering Private Limited (Corporate Debtor) faced insolvency proceedings initiated by M/s. Indian Steel Corporation Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 20.07.2017. 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, leading to the appointment of Mr. Anish Gupta as the new RP on 15.01.2018, confirmed on 10.04.2018. A public announcement was made on 13.09.2017, inviting claims. Only two creditors, M/s. Indian Steel Corporation Limited and Mr. Binod Mishra, filed claims for ₹13,84,99,751 and ₹1,79,800 respectively. Two meetings of the Committee of

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## Issues and analysis

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

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation

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**Reasoning:** The court noted that there was no resolution plan, minimal assets, and substantial

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**Interpretation:** Section 33(1)(a) provides a clear pathway for liquidation when resolution

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**Application:** Given the absence of a resolution plan, the minimal assets, and the CoC's

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Anish G…
- **Respondents:** M/s. Kutch…

## Timeline

- **2017-07-20 — Admission of Application…**: Application under Section 9 of the IBC filed…
- **2017-07-20 — Appointment…**: Mr. Manish Jain was appointed as the…

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