# In the matter of Ural India Limited IA (IB) No. 1383-KB-2020 in CP (IB) No. 480-KB-2018

> NCLT judgment dated 2021-01-15. Citation: TCN-2021-NCLT-03292. Allahabad Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 15 Jan 2021
- **Citation:** TCN-2021-NCLT-03292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ural-india-limited-ia-ib-no-1383-kb-2020-in-cp-ib-no-480-kb-2018-9ced5b8a

## Summary

### Background

Allahabad Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Ural India Limited. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was formed, and public announcements were made to invite claims. However, the CoC later decided to seek liquidation of the Corporate Debtor, as it was not a going concern.

## Facts

Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Ural India Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. Public announcements were made to invite claims from creditors. The CoC, in its sixth meeting on 24.09.2020, observed that Ural India Limited had no land and was not operational since 2014, leading to a decision to liquidate the company. The CoC approved the liquidation with 100% voting share. The Resolution Professional (RP) then filed an application seeking liquidation. In the 7th CoC meeting dated 14.10.2020, Mr. Sanjit Kumar Nayak was proposed as the Liquidator, and the previous RP, Mr. Saurabh Basu,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ural India Limited, should be …

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

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**Reasoning:** The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100%

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**Interpretation:** Section 33(2) provides a clear mechanism for liquidation when the CoC

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**Application:** In this case, the CoC's decision to liquidate Ural India Limited was approved

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Allahabad…
- **Respondents:** Ural India…

## Timeline

- **2019-10-15 — Order for CIRP…**: Adjudicating Authority directed initiation of CIRP against the Corporate Debtor based on…
- **2019-12-06 — Public Annou…**: Public announcement was made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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