# In the matter of Ramdas Ispat and Metal Private Limited IA No. 1595 of 2020 in TCP No. 558-IBC-NCLT-AHM-2017

> NCLT judgment dated 2021-09-07. Citation: TCN-2021-NCLT-01166. The case involves an application for the dissolution of Ramdas Ispat & Metals Private Limited,…

- **Court:** NCLT
- **Order date:** 7 Sept 2021
- **Citation:** TCN-2021-NCLT-01166
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramdas-ispat-and-metal-private-limited-ia-no-1595-of-2020-in-tcp-no-558-ibc-nclt-6f940e75

## Summary

### Background

The case involves an application for the dissolution of Ramdas Ispat & Metals Private Limited, a Corporate Debtor, under Section 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, and Regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP). Subsequently, he was appointed as the Liquidator after the Committee of Creditors (CoC) directed the Resolution Professional to file an application under sections 33(2) and 34(1) of the Code. The liquidation process commenced on 22.10.2018.

## Facts

The case pertains to the liquidation of Ramdas Ispat & Metals Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, leading to the appointment of Mr. Laxman Digambar Pawar as the Interim Resolution Professional (IRP) and subsequently as the Liquidator. The Committee of Creditors (CoC) directed the filing of an application under sections 33(2) and 34(1) of the IBC. The Liquidator performed various duties, including publishing liquidation announcements, filing Form INC-28, preparing asset memorandums, conducting e-auctions, and disbursing funds to secured creditors, primarily Bank of Baroda. The liquidation account was opened in Andhra Bank and later closed. The total amount realized from the e-auction of assets was Rs. 479.16 Lakhs. The

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Ramdas Ispat & Metals Private Limited, should be dissolved under …

**Ratio:** Section 54(1) of the IBC, 2016, read with Regulation 45(3) of the IBBI (Liquidation

…

**Reasoning:** The NCLT reasoned that the Liquidator had completed all necessary steps, including asset

…

**Interpretation:** The interpretation of Section 54(1) and Regulation 45(3) requires a thorough

…

**Application:** In this case, the NCLT applied the provisions of Section 54(1) and Regulation

…

## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Laxman Digambar…; LaxmanDigambarPawa…
- **Respondents:** Ramdas Ispat &…

## Timeline

- **2018-04-06 — Admission o…**: The Tribunal admitted the Company Petition seeking Corporate Insolvency Resolution…
- **2018-10-22 — Appointment of…**: The NCLT, Mumbai, appointed the…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ramdas-ispat-and-metal-private-limited-ia-no-1595-of-2020-in-tcp-no-558-ibc-nclt-6f940e75