# In the matter of Steps Dumsak Waste Processing Service Pvt. Ltd. 
IA 743 of 2020 in CP(IB) 217-NCLT-AHM-2018

> NCLT judgment dated 2021-01-11. Citation: TCN-2021-NCLT-03325. The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Jan 2021
- **Citation:** TCN-2021-NCLT-03325
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/steps-dumsak-waste-processing-service-pvt-ltd-ia-743-of-2020-in-cpib-217-nclt-ah-a2d63b3a

## Summary

### Background

The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC) for the liquidation of the Corporate Debtor, Omkar Maloo RP For Steps Dumask Waste Processing Services Pvt Ltd. The Suspended Management appeared after notice, and one week was granted for filing a reply, but no reply was filed. The Committee of Creditors (CoC) consists of only one Operational Creditor, who passed a resolution for liquidation with 100% voting. The Corporate Debtor has had no revenues since incorporation, no commercial operations, and no assets, making revival impossible. The CoC meeting minutes reflect this situation.

## Facts

The Corporate Debtor, Omkar Maloo RP For Steps Dumask Waste Processing Services Pvt Ltd, is undergoing Corporate Insolvency Resolution Process (CIRP). The application for liquidation was filed under Section 33 of the IBC. The Suspended Management was given time to reply, but failed to do so. The Committee of Creditors (CoC) consists of only one Operational Creditor. The Corporate Debtor has not generated any revenue since its incorporation and has not conducted any commercial operations. The Corporate Debtor possesses no assets. The CoC voted with 100% majority for the liquidation of the Corporate Debtor. The court considered the commercial wisdom of the CoC, referencing a Supreme Court judgment in the Essar Steel India Limited case. The court also noted that the

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33 of the IBC should be allowed given the …

**Ratio:** The commercial wisdom of the Committee of Creditors is paramount, and the Adjudicating

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**Reasoning:** The court reasoned that the Corporate Debtor had no revenue, operations, or assets,

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**Interpretation:** Section 33 of the IBC allows for the liquidation of a Corporate Debtor when

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**Application:** In this case, the Corporate Debtor's lack of revenue, operations, and assets,

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Omkar Maloo RP…
- **Advocates:** Lalit M…; Yuvraj Th…

## Timeline

- **2020-12-03 — Suspended Management…**: Suspended Management…
- **2020-09-30 — 8th COC M…**: 8th meeting of COC held, reflecting the lack…

## 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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