# In the matter of Maa Tara Ispat Industries Private Limited C.A. (IB) No. 163-KB-2020 with C.A. (IB) No. 1576-KB-2019 in C.P. (IB) No. 1223-KB-2018

> NCLT judgment dated 2020-02-21. Citation: TCN-2020-NCLT-01847. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 21 Feb 2020
- **Citation:** TCN-2020-NCLT-01847
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maa-tara-ispat-industries-private-limited-ca-ib-no-163-kb-2020-with-ca-ib-no-157-27568073

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Vaishno Engineer System Associates (Operational Creditor) against Maa Tara Ispat Industries Private Limited (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). Subsequently, an application was filed by the Resolution Professional (RP) under Section 33(2) of the IBC, 2016, seeking liquidation of the Corporate Debtor. The CIRP was initiated based on a petition filed by the Operational Creditor. The IRP made a public announcement, and two financial creditors, Bank of Baroda and SIDBI, lodged their claims. The CoC was formed, and Mr. Anish Agarwal was appointed as the RP. Despite efforts to find a resolution applicant, no viable

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## Facts

Vaishno Engineer System Associates, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Maa Tara Ispat Industries Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP by the Tribunal on 2019-04-09, and Mr. Pramod Kumar Singh was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. Two financial creditors, Bank of Baroda and SIDBI, lodged their claims, forming the Committee of Creditors (CoC). In the third CoC meeting held on 2019-07-01, Bank of Baroda proposed Mr. Anish Agarwal as the Resolution Professional (RP), which was confirmed by the Tribunal on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Maa Tara Ispat Industries Private Limited, should be liquidated due …

**Ratio:** The legal principle applied is that if the CIRP fails to achieve a resolution plan within

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**Reasoning:** The Tribunal reasoned that despite the efforts of the Resolution Professional (RP) and

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**Interpretation:** The interpretation of the law is that the IBC prioritizes resolution but

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**Application:** In this specific case, the RP's efforts to find a resolution applicant were

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Vaishno Engineer…
- **Respondents:** Maa Tara Ispat…

## Timeline

- **2018-01-01 — Filing of C.P. (IB) No.…**: The Petition bearing C.P. (IB) No. 1223/KB/2018 was filed by the Operational Creditor…
- **2019-04-09 — Admission in…**: Corporate Debtor was admitted into CIRP by this Tribunal vide its order and had appointed…

## 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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