# In the matter of SBQ Steels Ltd. MA 635-2018 & 431-2019 In CP-665-IB-2017

> NCLT judgment dated 2019-05-02. Citation: TCN-2019-NCLT-03548. The document pertains to a hearing held by the National Company Law Tribunal (NCLT), Chennai…

- **Court:** NCLT
- **Order date:** 2 May 2019
- **Citation:** TCN-2019-NCLT-03548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sbq-steels-ltd-ma-635-2018-431-2019-in-cp-665-ib-2017-6c00d47e

## Summary

### Background

The document pertains to a hearing held by the National Company Law Tribunal (NCLT), Chennai Bench, regarding MA/431/2019 in MA/635/2018 in CP/665/IB/2017. The matter involves East Coast Logistics Pvt Ltd as the petitioner and Ashish Arjunkumar Rathi (RP) of SBQ Steels Ltd as the respondent. The application is under Section 42 of the Insolvency and Bankruptcy Code (IBC).

## Facts

The case involves an application MA/431/2019 in MA/635/2018 in CP/665/IB/2017 before the NCLT Chennai Bench. East Coast Logistics Pvt Ltd is the petitioner, and Ashish Arjunkumar Rathi (RP) of SBQ Steels Ltd is the respondent. The application is filed under Section 42 of the IBC. The NCLT considered objections to the claims of the applicants and directed the Liquidator to consider those claims in accordance with the law. Deepa Mariappan, Counsel for the Appellant, and Y.P.T.V. Suryarao, on behalf of the Liquidator of SBQ Steels Ltd, were present.

## Issues and analysis

### Issue 1: Whether the NCLT's direction to the Liquidator to consider the claims in accordance with law is …

**Ratio:** The ratio is that the Liquidator has a statutory duty to assess and admit or reject

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**Reasoning:** The NCLT directed the Liquidator to consider the claims in accordance with the law,

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**Interpretation:** This directive reinforces the Liquidator's role as a quasi-judicial authority

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**Application:** The Liquidator must now review the claims, assess their validity based on

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Deepa Mar…
- **Respondents:** SBQ STEEL…; ASHISH ARJUNKUMAR…
- **Advocates:** Deepa Mar…; B. Dhan…; +1 more

## Timeline

- **2019-05-02 — Hearing…**: Hearing held at 10.30 AM at the National…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 42 — Appeal against the decision of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-42)

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