# In the matter of Marmagoa Steels Ltd. IA No. 1790,2087, 2305, 2246, 2415-2019 &
 IA No. 619 & 2214-2020 in CP (IB) No.30 (MB) - 2017

> NCLT judgment dated 2021-02-10. Citation: TCN-2021-NCLT-03076. The case involves multiple applications (IA Nos. 1790/2019, 2087/2019, 2305/2019, 2246/2019,…

- **Court:** NCLT
- **Order date:** 10 Feb 2021
- **Citation:** TCN-2021-NCLT-03076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/marmagoa-steels-ltd-ia-no-17902087-2305-2246-2415-2019-ia-no-619-2214-2020-in-cp-2da53d90

## Summary

### Background

The case involves multiple applications (IA Nos. 1790/2019, 2087/2019, 2305/2019, 2246/2019, 2415/2019, 619/2020, 2214/2020) related to the Corporate Insolvency Resolution Process (CIRP) of Marmagoa Steel Ltd. The CIRP was initiated on 20.03.2017, and Mr. Pravin Navandar was appointed as the IRP. A resolution plan was approved on 02.07.2018, but the Resolution Applicant expressed inability to implement it, filing IA No. 619/2020. The applications under consideration are for the liquidation of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Marmagoa Steel Ltd. was initiated on 20.03.2017, with Mr. Pravin Navandar appointed as the Interim Resolution Professional (IRP). A resolution plan was approved by the bench on 02.07.2018. However, the Resolution Applicant subsequently filed IA No. 619 of 2020, expressing its inability to implement the resolution plan due to reasons beyond its control. Consequently, applications (IA Nos. 1790/2019, 2305/2019, and 2415/2019) were filed seeking the liquidation of the Corporate Debtor. These applications were filed by Asset Reconstruction Company (India) Ltd, Pridhvi Asset Reconstruction and Securitization Company Ltd, and MSTC respectively. The court found no objection to the liquidation and proceeded to order it. The

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Marmagoa Steel Ltd, should be liquidated under Section 33 of the …

**Ratio:** Section 33 of the I&B Code, 2016, allows for the liquidation of a corporate debtor

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**Reasoning:** The court reasoned that the Resolution Applicant's inability to implement the approved

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**Interpretation:** Section 33 is interpreted to mean that if a resolution plan, once approved,

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**Application:** The court applied Section 33 to the specific facts of the case, where the

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Marmagoa Steel…

## Timeline

- **2017-03-20 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2017-03-20 — Appointment…**: Mr. Pravin Navandar was appointed as the Interim Resolution Professional (IRP) of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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