# In the matter of  Topworth Pipes & Tubes Private Limited MA 682-2020 in C.P. (IB) 1239-MB-2018

> NCLT judgment dated 2020-06-12. Citation: TCN-2020-NCLT-01176. The case involves an application for liquidation of Topworth Pipes & Tubes Private Limited…

- **Court:** NCLT
- **Order date:** 12 Jun 2020
- **Citation:** TCN-2020-NCLT-01176
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/topworth-pipes-tubes-private-limited-ma-682-2020-in-cp-ib-1239-mb-2018-e2beefdc

## Summary

### Background

The case involves an application for liquidation of Topworth Pipes & Tubes Private Limited under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a Section 7 petition filed by Bank of Baroda. The applicant, Mr. Sanjay Gupta, was appointed as the Resolution Professional after the initial Interim Resolution Professional. Despite efforts to find a resolution plan, including inviting expressions of interest and extending deadlines, no viable resolution plan was approved by the Committee of Creditors (CoC).

## Facts

Bank of Baroda filed a Section 7 petition, initiating Corporate Insolvency Resolution Process (CIRP) against Topworth Pipes & Tubes Private Limited. Mr. Sanjay Gupta was appointed as the Resolution Professional (RP). The RP invited expressions of interest (EoI) from prospective resolution applicants, extending the deadline upon request. Despite receiving EoIs from multiple parties, including Tata Steel DSL Limited, Amruta Constructions Pvt. Ltd., and Ratnamani Metals and Tubes Ltd., no resolution plan was finalized. The CoC extended the CIRP period by 90 days. The CoC was reconstituted in July 2019 due to another financial creditor's claim. The CoC extended the timeline for submitting a resolution plan until 22.07.2019 and later to 14.08.2019. Two resolution

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Topworth Pipes & Tubes Private Limited, should be liquidated …

**Ratio:** Section 33(1) of the IBC, 2016 allows the Adjudicating Authority to pass a liquidation

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**Reasoning:** The Adjudicating Authority noted that no resolution plan had been submitted by the

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**Interpretation:** Section 33(1) provides a clear legal basis for liquidation when the CIRP fails

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**Application:** In this case, since no resolution plan was submitted despite multiple attempts

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## Parties

- **Judges:** Smt Suchitra…; V. Nallasen…
- **Appellants:** Mr Sanjay…
- **Respondents:** Topworth Pipes &…; Bank of B…

## Timeline

- **2018-12-11 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Topworth Pipes & Tubes…
- **2019-01-25 — RP Appoin…**: Mr. Sanjay Gupta appointed as Resolution…

## 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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