# In the matter of Modern India Con Cast Limited IA (IB) No. 1371-KB-2020 in CP (IB) No. 723-KB-2019

> NCLT judgment dated 2021-01-05. Citation: TCN-2021-NCLT-03401. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 5 Jan 2021
- **Citation:** TCN-2021-NCLT-03401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/modern-india-con-cast-limited-ia-ib-no-1371-kb-2020-in-cp-ib-no-723-kb-2019-2c896afc

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Modern India Con Cast Limited, due to the absence of any Expression of Interest (EoI). The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Rishav Coke Product Private Limited (Operational Creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made. The Committee of Creditors (CoC) was duly constituted. Subsequently, Samir Kumar Bhattacharyya replaced the initial IRP as the RP. The CoC decided to liquidate the Corporate Debtor as no EoI was received, leading to the RP filing an application for liquidation.

## Facts

Rishav Coke Product Private Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Modern India Con Cast Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 22.10.2019. Ms. Jayashree Bhandari was initially appointed as the Interim Resolution Professional (IRP). A public announcement was made on 26.10.2019, setting 5.11.2019 as the last date for submitting claims. The Committee of Creditors (CoC) was constituted on 14.11.2019. Samir Kumar Bhattacharyya replaced Ms. Jayashree Bhandari as the Resolution Professional (RP) on 13.12.2019. The CIRP period, initially 180 days, was extended by 90 days until 19.04.2020. The CoC, in its 9th

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Modern India Con Cast Limited, …

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

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**Reasoning:** The CoC resolved with 100% voting share to liquidate the Corporate Debtor, indicating a

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**Interpretation:** Section 33(2) provides a clear mechanism for liquidation when the CoC

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**Application:** In this case, the CoC's unanimous decision to liquidate the Corporate Debtor,

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## Parties

- **Judges:** Rajasekha…
- **Appellants:** Samir Kumar…
- **Respondents:** Modern India Con…
- **Advocates:** Vikash…; Vipra…

## Timeline

- **2019-10-22 — Initiation…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2019-10-26 — Public Annou…**: IRP made public announcement in…

## 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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