# In the matter of Rolex Cycles Private Limited CP (IB) No. 37-Chd-Pb-2017

> NCLT judgment dated 2018-02-13. Citation: TCN-2018-NCLT-01834. Hero Steels Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Feb 2018
- **Citation:** TCN-2018-NCLT-01834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rolex-cycles-private-limited-cp-ib-no-37-chd-pb-2017-6efbb8b2

## Summary

### Background

Hero Steels Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Rolex Cycles Private Limited. The application was admitted on 13.07.2017, and a moratorium was declared. Mr. Anil Kumar was appointed as the Interim Resolution Professional (IRP). Subsequently, Canara Bank filed an application to replace the IRP. Mr. Nipan Bansal was appointed as the Resolution Professional (RP).

## Facts

Hero Steels Limited initiated insolvency proceedings against Rolex Cycles Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 13.07.2017, leading to a moratorium. Anil Kumar was initially appointed as the Interim Resolution Professional (IRP), but Canara Bank sought his replacement. Nipan Bansal was then appointed as the Resolution Professional (RP). The 180-day resolution period expired on 08.01.2018, without a resolution plan being received or an extension sought. The Tribunal noted this failure and, citing Section 33(1) of the I&B Code, initiated liquidation proceedings. Dinesh Kumar Seth was appointed as the Liquidator. This case highlights the importance of adhering to the timelines prescribed by the IBC

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## Issues and analysis

### Issue 1: Whether the Tribunal was justified in ordering liquidation of the Corporate Debtor due to the …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 mandates liquidation when no

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**Reasoning:** The Tribunal observed that the 180-day resolution period had expired on 08.01.2018, and

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**Interpretation:** Section 33(1) is interpreted strictly to mean that liquidation is the default

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**Application:** The ratio and reasoning are applied to the facts of the case, where the

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** Hero Steels…
- **Respondents:** Rolex Cycles…

## Timeline

- **2017-07-13 — Admission of Ap…**: The application filed by Hero Steels Limited under Section 9 of the Insolvency and…
- **2017-07-20 — Appointment…**: Mr. Anil Kumar was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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