# In the matter of Ramdas Ispat and Metals Private Limited MA 1034-2018 In CP No. 558-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2018-10-22. Citation: TCN-2018-NCLT-00526. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 22 Oct 2018
- **Citation:** TCN-2018-NCLT-00526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramdas-ispat-and-metals-private-limited-ma-1034-2018-in-cp-no-558-ibc-nclt-mb-ma-abd83252

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by an Operational Creditor, M/s. BMMIspat Limited, against M/s. RamdasIspat and Metals Private Limited (Corporate Debtor). The petition was admitted on 2018-04-06, and Mr. LaxmanDigambarPawar was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2018-06-17. The IRP received three claims, including one from a Financial Creditor (Bank of Baroda) and two from Operational Creditors. The Committee of Creditors (CoC) was formed with only one Financial Creditor. The CoC decided not to pursue a resolution plan and instead opted for liquidation of the Corporate Debtor.

## Facts

M/s. BMMIspat Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. RamdasIspat and Metals Private Limited (Corporate Debtor). The petition was admitted on 2018-04-06, and Mr. LaxmanDigambarPawar was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2018-06-17, following which the IRP received three claims: one from Bank of Baroda (Financial Creditor) amounting to ₹12,79,19,290, and two from Operational Creditors. The Committee of Creditors (CoC) was formed with only Bank of Baroda as the Financial Creditor. The CoC, in its second meeting held on 2018-09-07, decided not to pursue a resolution plan due to the closure of the unit in 2013, disposal of machinery,

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## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, M/s. RamdasIspat and Metals Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The court reasoned that the Committee of Creditors (CoC), consisting of the Financial

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**Interpretation:** Section 33(2) grants the Adjudicating Authority the power to order liquidation

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**Application:** In this case, the CoC, consisting of the Financial Creditor, decided against a

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** LaxmanDigambarPawa…
- **Respondents:** M/s. RamdasIspat…

## Timeline

- **2018-04-06 — Admission of…**: The petition filed by M/s. BMMIspat Limited against M/s. RamdasIspat and Metals Private…
- **2018-04-06 — Appointment…**: Mr. LaxmanDigambarPawar was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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