# In the matter of White & Brown Alloy Castings Private Limited C.P. (IB) No. 947-KB-2018

> NCLT judgment dated 2019-08-26. Citation: TCN-2019-NCLT-01775. The case involves an application filed by Bank of India under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 26 Aug 2019
- **Citation:** TCN-2019-NCLT-01775
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/white-brown-alloy-castings-private-limited-cp-ib-no-947-kb-2018-c300a118

## Summary

### Background

The case involves an application filed by Bank of India under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal admitted the application and initiated CIRP, appointing Mr. Anil Anchalia as the Interim Resolution Professional (IRP). The IRP filed progress reports detailing the CIRP's progress, including the appointment of registered valuers and the non-cooperation of the corporate debtor's promoter directors. The resolution plan submitted by the promoter director was rejected, and it was discovered that the applicant was a willful

…

## Facts

Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, seeking initiation of CIRP. The corporate debtor failed to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal admitted the application on December 10, 2018, and appointed Mr. Anil Anchalia as the IRP. The IRP filed progress reports detailing the CIRP's progress. The promoter directors of the corporate debtor were non-cooperative and withdrew funds from Uco Bank after the initiation of CIRP. The invitation for Expression of Interest (EOI) was published on 04.04.2019. The resolution plan submitted by the promoter director was rejected. The applicant was a willful defaulter. The extended period of CIRP

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the absence of a viable resolution plan …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, provides for the liquidation of

…

**Reasoning:** The Tribunal noted that despite the extension of the CIRP by 90 days, no resolution

…

**Interpretation:** Section 33 mandates liquidation when CIRP fails to produce a resolution plan

…

**Application:** Given the absence of a resolution plan and the corporate debtor's

…

## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Bank of…
- **Respondents:** White & Brown…; White & Brown…

## Timeline

- **2018-12-10 — Admission of Application…**: The Tribunal passed the order of admission and initiation of Corporate Insolvency…
- **2018-12-10 — Appointment…**: Mr. Anil Anchalia was appointed as the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/white-brown-alloy-castings-private-limited-cp-ib-no-947-kb-2018-c300a118