# In the matter of Shiv Manufacturing Pipes Pvt. Ltd. IA(I.B.C)-140(MB)2021 in C.P. (IB)-3749(MB)2018

> NCLT judgment dated 2021-11-24. Citation: TCN-2021-NCLT-00426. The case involves an application seeking liquidation of the Corporate Debtor Company. An order…

- **Court:** NCLT
- **Order date:** 24 Nov 2021
- **Citation:** TCN-2021-NCLT-00426
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shiv-manufacturing-pipes-pvt-ltd-iaibc-140mb2021-in-cp-ib-3749mb2018-71234b60

## Summary

### Background

The case involves an application seeking liquidation of the Corporate Debtor Company. An order of admission was previously passed on 2019-10-25 against the Corporate Debtor. A public announcement was issued on 2019-11-22 to receive claims from creditors. Three parties had filed their Expression of Interest (EOI), but only two were compliant. Khanna Delta Steel Pvt. Ltd. submitted a resolution plan but withdrew it. Registered valuers were appointed and submitted the fair value/liquidation value of the Corporate Debtor.

## Facts

An application was filed seeking the liquidation of a Corporate Debtor Company. An order for admission had already been passed against the Corporate Debtor on 2019-10-25. A public announcement was made on 2019-11-22 to invite claims from creditors. Three parties initially expressed interest (EOI), but only two were compliant. Khanna Delta Steel Pvt. Ltd. submitted a resolution plan but later withdrew it. Registered valuers were appointed to determine the fair value/liquidation value of the Corporate Debtor. The CoC, in its 7th meeting on 2021-01-07, considered Khanna Delta Steel Pvt. Ltd.'s withdrawal of EOI and decided to liquidate the Corporate Debtor. The sole CoC member forwarded the consent of Mr. Sandeep Maheshwari to be appointed as Liquidator. The Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated following the withdrawal of the resolution plan …

**Ratio:** The legal principle applied is that if a resolution plan is withdrawn and the CoC

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**Reasoning:** The court reasoned that since Khanna Delta Steel Pvt. Ltd. withdrew its resolution plan

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**Interpretation:** This interprets the IBC to allow for liquidation when a resolution plan is

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

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## Parties

- **Judges:** ANURADHA SANJAY…; SUCHITRAKAN…
- **Respondents:** KHANNA DELTA…; SHIV MANUFACTURING…

## Timeline

- **2019-10-25 — Admission…**: Order of admission was passed…
- **2019-11-22 — Public Annou…**: Public announcement was issued to…

## 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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