# In the matter of Sree Ramakrishna Alloys Limited IA No. 505-2018 In CP (IB) No. 39-7-HDB-2017

> NCLT judgment dated 2018-11-30. Citation: TCN-2018-NCLT-00237. The Resolution Professional filed an application under Section 33(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Nov 2018
- **Citation:** TCN-2018-NCLT-00237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sree-ramakrishna-alloys-limited-ia-no-505-2018-in-cp-ib-no-39-7-hdb-2017-95983a16

## Summary

### Background

The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of M/s Sree Ramkrishna Alloys Limited (Corporate Debtor Company). The application was filed because no resolution plan was approved by the Committee of Creditors (CoC) within the stipulated time frame. PEC Limited, a financial creditor, had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the Code. The petition was admitted, and an Interim Resolution Professional was appointed, who was later confirmed as the Resolution Professional. Public announcements were made to invite claims from creditors. The CoC was constituted, and the National Company Law Appellate

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## Facts

PEC Limited initiated Corporate Insolvency Resolution Process (CIRP) against Sree Ramkrishna Alloys Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2017-09-14. An Interim Resolution Professional was appointed and later confirmed. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, with Lakshmi Vilas Bank holding 79.33% voting power and PEC Limited holding 20.67%. Several progress reports were submitted to the Tribunal. An Expression of Interest (EOI) was issued, and resolution plans were received from various applicants, including the existing promoters. The resolution plans were not in conformity with the Code and were rejected by the CoC. The last

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 33(2) of the Insolvency …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, provides that where the

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**Reasoning:** The court reasoned that since the CoC had rejected all resolution plans and decided to

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if no resolution plan is

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**Application:** The CoC did not approve any resolution plan for Sree Ramkrishna Alloys Limited.

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** PEC Lim…
- **Respondents:** Sree Ramkrishna…; Sree Ramakrishna…

## Timeline

- **2017-09-14 — Admission of Section 7…**: The Tribunal admitted the petition filed by PEC Limited under Section 7 of the IBC,…
- **2017-10-09 — Constitution of…**: The Committee of Creditors (CoC) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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