# In the matter of Sandeep Axles Pvt. Ltd. (IB)-420-(ND)-2017

> NCLT judgment dated 2018-09-13. Citation: TCN-2018-NCLT-00761. The case involves an application for liquidation of the Corporate Debtor. The Resolution…

- **Court:** NCLT
- **Order date:** 13 Sept 2018
- **Citation:** TCN-2018-NCLT-00761
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sandeep-axles-pvt-ltd-ib-420-nd-2017-1587f8ab

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor. The Resolution Applicant withdrew their proposal, and there was no other resolution applicant before the Committee of Creditors (COC). The COC decided that the Resolution Professional should initiate the liquidation application. Another application (C.A. 470/2018) was filed, but the Resolution Professional rejected the claim as it was filed belatedly.

## Facts

The Resolution Applicant withdrew their proposal. There was no other resolution applicant before the COC. The COC decided to initiate liquidation proceedings. C.A. 356/2018 was filed under Section 33 of the Code. The Resolution Professional was proposed as the Insolvency Liquidator and consented to the appointment. C.A. 470/2018 was filed by an applicant whose claim was rejected by the Resolution Professional for being filed belatedly. The court noted that claims can be entertained until the liquidated assets are distributed.

## Issues and analysis

### Issue 1: Whether the application for liquidation should be allowed given the withdrawal of the resolution …

**Ratio:** The decision of the Committee of Creditors (COC) is paramount in the insolvency

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**Reasoning:** The court reasoned that the COC, representing the financial creditors, had decided to

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** In this specific case, the withdrawal of the resolution plan and the absence of

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## Parties

- **Judges:** Ina Mal…; Deepa Kr…; +1 more
- **Appellants:** M/s Regal Metal &…
- **Respondents:** M/s. Sandeep…
- **Advocates:** Shivam M…; Arun Sa…; +7 more

## Timeline

- **2018-09-13 — Order Del…**: Order delivered on September 13, 2018,…

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