# In the matter of Nandkishore Steel Industries Private Limited MA 691-2018 & MA 995-2018 In C.P. No.264-I&BP-NCLT-MAH-2018

> NCLT judgment dated 2018-09-26. Citation: TCN-2018-NCLT-00714. The case involves applications MA 691/2018 and MA 995/2018 filed in C.P.…

- **Court:** NCLT
- **Order date:** 26 Sept 2018
- **Citation:** TCN-2018-NCLT-00714
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nandkishore-steel-industries-private-limited-ma-691-2018-ma-995-2018-in-cp-no264-5e8ceb14

## Summary

### Background

The case involves applications MA 691/2018 and MA 995/2018 filed in C.P. NO.264/I&BP/NCLT/MAH/2018 under the Insolvency and Bankruptcy Code, 2016. The corporate debtor, Nandkishore Steel Industries Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after filing a petition under Section 10 of the Code. An admission order was passed, and a moratorium was declared. Mr. Charudutt Marathe was initially appointed as the Interim Resolution Professional (IRP), but the Committee of Creditors (CoC) later voted to replace him with Mr. Amit Chandrashekar Poddar as the Resolution Professional. Despite inviting Expression of Interest (EOI) for a resolution plan, no interest was received. Consequently, the CoC resolved to liquidate the corporate debtor.

## Facts

Nandkishore Steel Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after filing a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). Initially, Mr. Charudutt Marathe was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) voted to replace Mr. Marathe with Mr. Amit Chandrashekar Poddar as the Resolution Professional. Despite efforts to find a resolution plan, no Expression of Interest (EOI) was received from any resolution applicant. The last date for completion of CIRP was August 21, 2018. The CoC, in its meeting on August 23, 2018, resolved with 100% voting to liquidate the Corporate Debtor. The Resolution Professional filed Misc. Application No. 995/2018 seeking

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## Issues and analysis

### Issue 1: Whether the delay in appointing valuers and submitting the Information Memorandum should be …

**Ratio:** The court has the discretion to condone delays if sufficient cause is shown, especially

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**Reasoning:** The Bench was satisfied with the explanation provided by the Resolution Professional

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**Interpretation:** The interpretation involves understanding the procedural requirements of the

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**Application:** The court applied the ratio to the specific facts, noting that the delay was

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Respondents:** Nandkishore Steel…

## Timeline

- **2018-04-03 — Admission…**: Adjudicating Authority passed…
- **2018-04-03 — Moratorium D…**: Moratorium was declared…

## 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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