# In the matter of Premsons Super Steel Private Ltd. CA-528-C-III-ND-2019 in CP (IB) 404-ND-2018

> NCLT judgment dated 2020-08-28. Citation: TCN-2020-NCLT-00765. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 28 Aug 2020
- **Citation:** TCN-2020-NCLT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/premsons-super-steel-private-ltd-ca-528-c-iii-nd-2019-in-cp-ib-404-nd-2018-0a7180e3

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Premsons Super Steel Private Ltd. The initial application, CP (IB) - 404/ND/2018, was filed under Section 10 of the Insolvency & Bankruptcy Code, 2016. The CIRP was initiated after the application was admitted on 10.12.2018, and Mr. J. Mannivannan was appointed as the Interim Resolution Professional (IRP). Subsequently, the IRP was replaced by Mr. Mohit Chawla. The Committee of Creditors (CoC) was formed with one financial creditor holding 100% voting share. Several CoC meetings were held to discuss various aspects of the CIRP, including the appointment of professionals, evaluation matrix for resolution plans, and the possibility of liquidation. Ultimately, due to the lack of

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## Facts

Premsons Super Steel Private Ltd. faced insolvency proceedings initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) commenced on 2018-12-10. Mr. J. Mannivannan was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Mohit Chawla due to logistical difficulties, as the IRP was based in Chennai while the company's operations were in Delhi and Haryana. A Committee of Creditors (CoC) was formed, consisting of a single financial creditor with 100% voting share. Several CoC meetings were held to discuss the resolution process, appointment of professionals, and evaluation of potential resolution plans. Despite efforts to solicit resolution plans, including

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Premsons Super Steel Private Ltd., should be liquidated due to the …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates liquidation if no

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**Reasoning:** The court reasoned that since no resolution plan was received despite multiple attempts

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**Interpretation:** Section 33(2) is interpreted strictly to mean that if a resolution plan is not

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**Application:** In this case, the court applied Section 33(2) to the facts where no resolution

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** Mohit C…
- **Respondents:** Premsons Super…

## Timeline

- **2018-12-10 — CIRP Init…**: CP (IB) - 404/ND/2018 admitted, initiating the Corporate Insolvency Resolution Process…
- **2018-12-10 — Appointment…**: Mr. J. Mannivannan appointed as 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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