# In the matter of Nippon Alloy Limited IA No. 1169-KB-2020 in CP (IB) No.1889-KB-2019

> NCLT judgment dated 2020-12-08. Citation: TCN-2020-NCLT-00124. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 8 Dec 2020
- **Citation:** TCN-2020-NCLT-00124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nippon-alloy-limited-ia-no-1169-kb-2020-in-cp-ib-no1889-kb-2019-e868279a

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Nippon Alloy Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Ply Com Private Limited, an operational creditor. The RP was appointed as the Interim Resolution Professional (IRP) initially. The Committee of Creditors (CoC) was constituted, and meetings were held to discuss the resolution of the Corporate Debtor. However, due to the lack of resolution possibilities, the CoC decided to liquidate the Corporate Debtor.

## Facts

Ply Com Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Nippon Alloy Limited (Corporate Debtor). Subodh Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made in newspapers on 2020-02-02, with a claim submission deadline of 2019-10-29. The Committee of Creditors (CoC) was constituted on 2020-02-20. Meetings were held on 2020-02-27, 2020-03-18, 2020-04-15, 2020-07-30, 2020-09-04, and 2020-09-23. The CoC noted that the Corporate Debtor's operations had ceased for over a year, it lacked major assets, and the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Nippon Alloy Limited, should be …

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

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**Reasoning:** The CoC, in this case, resolved with 100% voting share to liquidate the Corporate Debtor

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**Interpretation:** Section 33(2) of the IBC provides a clear directive for the Adjudicating

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**Application:** The CoC's decision, backed by 100% voting share, satisfies the requirement

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Nippon Alloy…

## Timeline

- **2020-01-30 — Order for CIRP…**: Adjudicating Authority ordered initiation of CIRP against Nippon Alloy Limited based on a…
- **2020-02-02 — Public Annou…**: Public announcement made 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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