# 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-03399. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 5 Jan 2021
- **Citation:** TCN-2021-NCLT-03399
- **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-eda42ad3

## 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), Ms. Jayashree Bhandari, was initially appointed, followed by the appointment of Mr. Samir Kumar Bhattacharyya as the RP. The Committee of Creditors (CoC) was duly constituted and subsequently decided to liquidate the Corporate Debtor due to the lack of EoI.

## Facts

Rishav Coke Product Private Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Modern India Con Cast Limited, the Corporate Debtor. Ms. Jayashree Bhandari was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Samir Kumar Bhattacharyya as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, comprising five financial creditors. Public announcements were made to invite claims. The CIRP period was extended by 90 days following a CoC meeting. However, no Expression of Interest (EoI) was received. Consequently, the CoC, with a 100% vote, decided to liquidate the Corporate Debtor and directed the RP to file an

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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 allows the Adjudicating Authority to

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**Reasoning:** The CoC resolved with a 100% voting share to liquidate the Corporate Debtor because no

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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 100% vote to liquidate the Corporate Debtor, coupled

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## Parties

- **Judges:** Rajasekha…
- **Appellants:** Samir Kumar…
- **Respondents:** Modern India Con…

## Timeline

- **2019-10-22 — Adjudicating Authority…**: Adjudicating Authority ordered initiation of CIRP against the Corporate Debtor based on a…
- **2019-10-26 — Public Annou…**: IRP made a public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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