# In the matter of SDS Steels Private Limited MA-238-2018 in CP-187- (IB)-2018

> NCLT judgment dated 2018-07-30. Citation: TCN-2018-NCLT-01047. The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.SDS…

- **Court:** NCLT
- **Order date:** 30 Jul 2018
- **Citation:** TCN-2018-NCLT-01047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sds-steels-private-limited-ma-238-2018-in-cp-187-ib-2018-1b33f3ed

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.SDS Steels Private Limited. The CIRP was initiated by the Tribunal's order dated 02.04.2018, appointing Mrs. Revathi Sridharan as the Interim Resolution Professional (IRP). The appointment was later approved by the Committee of Creditors (CoC). The Resolution Professional (RP) received one claim from SREI Equipment Finance Ltd. The RP found that the corporate debtor's registered office was only vacant land. The annual accounts were made only up to 31.03.2010. Customs officials raided the office in 2010-11, and CBI raided the office on 31.07.2012, seizing documents. All bank accounts of the corporate debtor were seized. The Bank of India sold the assets of the corporate debtor

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s.SDS Steels Private Limited on 02.04.2018. Mrs. Revathi Sridharan was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). The RP received one claim from SREI Equipment Finance Ltd. Upon visiting the registered office, the RP discovered it was only vacant land. The corporate debtor's annual accounts were only available up to 31.03.2010. Customs officials raided the office in 2010-11, followed by a CBI raid on 31.07.2012, resulting in the seizure of documents. All bank accounts of the corporate debtor were seized. The Bank of India had already sold the corporate debtor's mortgaged assets and other collateral securities, recovering part of its

…

## Issues and analysis

### Issue 1: Whether the application for liquidation under section 33(2) of IBC, 2016 and for dissolution of the …

**Ratio:** Section 33(2) and 54 of the Insolvency and Bankruptcy Code, 2016, provide for liquidation

…

**Reasoning:** The Tribunal considered that there was no realizable value from the sale of assets of the

…

**Interpretation:** The sections allow for the liquidation and dissolution of a corporate debtor

…

**Application:** Given the absence of assets and the CoC's decision, the Tribunal approved the

…

## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** Mrs.Revathi…
- **Respondents:** M/s.SDS Steels…; M/s.SREI Equipment…

## Timeline

- **2018-04-02 — CIRP Init…**: The Tribunal initiated the CIRP against M/s.SDS Steels Private Limited and appointed Mrs.…
- **2018-04-16 — Public Annou…**: Public announcement made as…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sds-steels-private-limited-ma-238-2018-in-cp-187-ib-2018-1b33f3ed