# 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-01170. 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-01170
- **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-9ae9b20c

## Summary

### Background

The case involves an application for the dissolution of Ramdas Ispat & Metals Private Limited, the 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.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Ramdas Ispat & Metals Private Limited. Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. The Liquidator carried out various duties, including publishing liquidation announcements, filing Form INC-28, preparing asset memoranda, conducting e-auctions for the sale of assets (Land & Building), and disbursing the realized amounts to secured financial creditors, primarily Bank of Baroda. The total amount realized from the e-auction was Rs. 4,79,16,000. The Liquidator opened a liquidation account in Andhra Bank. After distribution, an application was made to close the liquidation bank account. The Liquidator prepared a compliance

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## Issues and analysis

### Issue 1: Whether the application for dissolution of the Corporate Debtor, Ramdas Ispat & Metals Private …

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

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**Reasoning:** The NCLT examined the submissions and documents presented by the Liquidator and found

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**Interpretation:** The interpretation of Section 54(1) and Regulation 45(3) requires the NCLT to

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**Application:** In this case, the Liquidator had taken all necessary steps, including

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## Parties

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

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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