# In the matter of Shree Coke Manufacturing Co. Pvt.Ltd. CP (IB) No. 571-KB-2017

> NCLT judgment dated 2018-07-20. Citation: TCN-2018-NCLT-01106. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 20 Jul 2018
- **Citation:** TCN-2018-NCLT-01106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-coke-manufacturing-co-pvtltd-cp-ib-no-571-kb-2017-c36eaa42

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Edelweiss Asset Reconstruction Ltd. (Financial Creditor) against Shree Coke Manufacturing Company Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the application and appointed Mr. Anil Agarwal as the Interim Resolution Professional. Subsequently, the Committee of Creditors (CoC) approved Mr. Agarwal as the Resolution Professional. However, no resolution plan was received within the stipulated CIRP period. Another application was filed by a Chartered Accountant, Mr. Biswajit Chakrabarty, representing the Corporate Debtor, objecting to the liquidation, claiming the assignment deed

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## Facts

Edelweiss Asset Reconstruction Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Shree Coke Manufacturing Company Private Limited (Corporate Debtor). The application was admitted on 2017-12-22, and Mr. Anil Agarwal was appointed as the Interim Resolution Professional, later confirmed as the Resolution Professional. During the CIRP, no resolution plan was received. A Chartered Accountant, Mr. Biswajit Chakrabarty, representing the Corporate Debtor, filed an application objecting to the liquidation, claiming the assignment deed relied upon by the Financial Creditor was illegal and subject to a civil suit. The Corporate Debtor argued that an injunction order was in force against the

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor objecting to the liquidation is maintainable …

**Ratio:** Once an insolvency professional is appointed to manage the company, the erstwhile

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**Reasoning:** The court reasoned that the Corporate Debtor's application was not maintainable because

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**Interpretation:** This issue involves the interpretation of the powers and responsibilities of

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**Application:** The ratio and reasoning were applied to the facts by determining that the

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## Parties

- **Judges:** Jinan…
- **Respondents:** Shree Coke…
- **Advocates:** Ratnanko B…; Arik Ban…; +3 more

## Timeline

- **2017-12-22 — Admission of Ap…**: The Adjudicating Authority admitted the application filed by Edelweiss Asset…
- **2018-01-18 — CoC Meet…**: In the first CoC meeting, the CoC approved the name of Mr. Anil Agarwal as the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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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/shree-coke-manufacturing-co-pvtltd-cp-ib-no-571-kb-2017-c36eaa42