# In the matter of Ramkar Steel Rerolling Private Limited MA-728-2019 in CP-1176-IB-CB-2018

> NCLT judgment dated 2019-07-25. Citation: TCN-2019-NCLT-02316. The case pertains to MA/728/2019 in CP/1176/IB/CB/2018 filed under Section 33(2) of the…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramkar-steel-rerolling-private-limited-ma-728-2019-in-cp-1176-ib-cb-2018-9686a0d0

## Summary

### Background

The case pertains to MA/728/2019 in CP/1176/IB/CB/2018 filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of M/s. Ramkar Steel Re-Rolling Private Limited. Initially, a financial creditor, Indian Bank, filed CP/1176/IB/CB/2018 under Section 7 of the IBC to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Adjudicating Authority admitted the application on 06.02.2019, initiated CIRP, declared a moratorium, and appointed J. Karthiga as the Interim Resolution Professional (IRP). The IRP took over the management and made a public announcement. Notices were issued to promoters and creditors for the first CoC meeting.

## Facts

The Corporate Debtor, M/s. Ramkar Steel Re-Rolling Private Limited, faced insolvency proceedings initiated by a financial creditor, Indian Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP). J. Karthiga was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The RP convened meetings of the Committee of Creditors (CoC). An attempt was made to find resolution applicants, but the applicants were deemed ineligible. The CoC, after considering the financial state of the Corporate Debtor and the lack of resolution applicants, decided to liquidate the company. The RP then filed an

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Ramkar Steel Re-Rolling Private Limited, should be liquidated …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The CoC, after considering the financial state of the Corporate Debtor and the lack of

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**Interpretation:** Section 33 provides the legal basis for liquidation when the CIRP fails to

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**Application:** Given the CoC's decision and the absence of a resolution plan, the Adjudicating

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** J. Kart…
- **Respondents:** M/s. Ramkar Steel…

## Timeline

- **2018-01-01 — CP/1176/IB/CB/2…**: Financial creditor, Indian Bank, filed…
- **2019-02-06 — Application A…**: The Adjudicating Authority admitted…

## 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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