# In the matter of Raipur Power and Steel Ltd. & Ors. C.P. No. (IB)-09-(PB)-2017

> NCLT judgment dated 2017-03-16. Citation: TCN-2017-NCLT-00950. The case involves an insolvency resolution process initiated under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 16 Mar 2017
- **Citation:** TCN-2017-NCLT-00950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raipur-power-and-steel-ltd-ors-cp-no-ib-09-pb-2017-0c98e10d

## Summary

### Background

The case involves an insolvency resolution process initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Insolvency Professional (Mr. Grover) filed a report listing claims received from four operational creditors. The Insolvency Professional also submitted his own bills for satisfaction by the Corporate Debtor.

## Facts

The case pertains to an insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. Tomorrow Sales Agency Pvt. Ltd. initiated proceedings against Raipur Power and Steel Ltd. & Ors. Mr. Grover, the Insolvency Professional, submitted a report listing claims from four operational creditors: M/s. Ghanshayam Misra & Sons Pvt. Ltd. (INR 6,27,32,569), M/s. Mayurbhanj Road Carriers (INR 1,51,67,185), M/s. Lal Trades & Agencies Pvt. Ltd. (INR 2,40,59,869), and M/s. Shivom Minerals Limited (INR 2,71,301). The Insolvency Professional stated that all operational creditors' claims and his own dues had been paid. This led the court to drop the insolvency process.

## Issues and analysis

### Issue 1: Whether the insolvency process should be continued given the satisfaction of all operational …

**Ratio:** If all claims are satisfied, the purpose of the insolvency process is fulfilled, and its

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**Reasoning:** The court reasoned that since the Insolvency Professional reported that all claims of

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**Interpretation:** The interpretation is that the IBC aims to resolve outstanding debts. Once

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**Application:** The court applied this principle to the specific facts, noting that the

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## Parties

- **Judges:** M. M. K…; R. VARADH…
- **Appellants:** Arjun Minol…
- **Respondents:** Raipur Power and…

## Timeline

- **2017-03-15 — Insolvency Professional'…**: Mr. Grover, the Insolvency Professional, filed his report listing claims received from…
- **2017-03-16 — Order Da…**: The National Company Law Tribunal passed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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