# In the matter of Shivkripa Ispat Pvt. Limited IA 23 of 2018 In T.C.P. (IB)-644(MB)-2017

> NCLT judgment dated 2018-05-09. Citation: TCN-2018-NCLT-01436. The case involves the insolvency resolution process of Shivkripa Ispat Private Limited.…

- **Court:** NCLT
- **Order date:** 9 May 2018
- **Citation:** TCN-2018-NCLT-01436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivkripa-ispat-pvt-limited-ia-23-of-2018-in-tcp-ib-644mb-2017-73e04737

## Summary

### Background

The case involves the insolvency resolution process of Shivkripa Ispat Private Limited. Abhudaya Co-operative Bank Limited had initially filed a company petition in the Bombay High Court for winding up Shivkripa Ispat Private Limited. Due to changes in insolvency laws, the case was transferred to the National Company Law Tribunal (NCLT), Mumbai. The NCLT admitted the company petition on 14.08.2017 and appointed Rajendra K. Bhuta as the Interim Resolution Professional (IRP). The IRP then published advertisements inviting claims from creditors of the Corporate Debtor.

## Facts

Abhudaya Co-operative Bank Limited filed a company petition to wind up Shivkripa Ispat Private Limited in the Bombay High Court. The case was transferred to NCLT Mumbai due to changes in insolvency laws. The NCLT admitted the petition on 2017-08-14 and appointed Rajendra K. Bhuta as the Interim Resolution Professional (IRP). The IRP published advertisements inviting claims from creditors. The loan facility granted by Abhudaya Co-operative Bank Limited was for ₹24,50,95,702. The Resolution Professional received a claim only from the Petitioning Financial Creditor for ₹25,02,88,813. The first meeting of the Committee of Creditors (CoC) was held on 2017-11-10, but the directors of the Corporate Debtor did not provide meaningful information. The CoC decided to appoint an

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## Issues and analysis

### Issue 1: Whether the Hon'ble Tribunal should pass an order of Liquidation for the Corporate Debtor under …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

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**Reasoning:** The Committee of Creditors passed a resolution for liquidation with 100% voting share,

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**Interpretation:** Section 33(2) provides the legal basis for the Adjudicating Authority to order

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**Application:** Given that the CoC resolved to liquidate the Corporate Debtor and no resolution

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Abhudaya Co-operat…
- **Respondents:** Shivkripa Ispat…

## Timeline

- **N/A — Company Petiti…**: Abhudaya Co-operative Bank Limited filed a Company Petition in the Hon'ble Bombay High…
- **2017-08-14 — Petition Admitted by…**: The Company Petition was Admitted by…

## Legal provisions

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

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