# In the matter of Sri Padmabalaji Steels Private Limited CA 97-2018 IN TCP-363-(IB)-2017

> NCLT judgment dated 2018-03-05. Citation: TCN-2018-NCLT-01755. The case involves an application filed by the Resolution Professional, Mr. N. Sivachalam, under…

- **Court:** NCLT
- **Order date:** 5 Mar 2018
- **Citation:** TCN-2018-NCLT-01755
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-padmabalaji-steels-private-limited-ca-97-2018-in-tcp-363-ib-2017-0beb2c87

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. N. Sivachalam, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of M/s. Sri Padmabalaji Steels Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Operational Creditor under Section 9 of the I&B Code, 2016. Mr. S. Muthuraju was initially appointed as the Interim Resolution Professional (IRP), and later, Mr. N. Sivachalam was appointed as the Resolution Professional (RP) based on the recommendation of the Committee of Creditors (CoC).

## Facts

The Operational Creditor initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Padmabalaji Steels Private Limited under Section 9 of the I&B Code, 2016. Mr. S. Muthuraju was appointed as the Interim Resolution Professional (IRP), followed by Mr. N. Sivachalam as the Resolution Professional (RP). The Committee of Creditors (CoC) held its first meeting on 13.10.2017. In the 3rd meeting of the CoC held on 22.02.2018, a resolution was passed to liquidate the Corporate Debtor because no resolution plan was in place for approval. The Resolution Professional then filed CA/97/2018 seeking an order for liquidation. The Adjudicating Authority noted that no resolution plan was received under Section 30(6) of the I&B Code. The CIRP commenced on

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, M/s. Sri …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority observed that no resolution plan was received under

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**Interpretation:** Section 33(2) provides a clear directive that if a resolution plan is not

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**Application:** In this case, the absence of a resolution plan, coupled with the CoC's decision

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** Padmabalaji…

## Timeline

- **2017-09-11 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2017-10-13 — First CoC M…**: The first meeting of the…

## 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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