# 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-01771. 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-01771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/white-brown-alloy-castings-private-limited-cp-ib-no-947-kb-2018-e4ebb6f3

## 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, the Corporate Debtor, for failure to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) on December 10, 2018, and appointed Mr. Anil Anchalia as the Interim Resolution Professional (IRP). The IRP submitted progress reports, highlighting issues such as the non-cooperation of the Corporate Debtor's promoter directors and the withdrawal of funds from Uco Bank after the CIRP's initiation. The invitation for Expression of Interest (EOI) was published, but only one EOI was received from the promoter director, Mr. Aniruddha

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## Facts

Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, claiming an outstanding debt of Rs. 13,65,97,120.31. The NCLT initiated CIRP on December 10, 2018, appointing Anil Anchalia as the IRP. The Corporate Debtor's promoter directors were uncooperative, and unauthorized withdrawals were made from the Corporate Debtor's accounts after the CIRP's initiation. The invitation for Expression of Interest (EOI) yielded only one response from the promoter director, Aniruddha Mukherjee. The Resolution Plan submitted by the promoter director was rejected by the CoC. The extended CIRP period expired on September 5, 2019, without a resolution. Aniruddha Mukherjee, the promoter and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. White and Brown Alloy Castings Private Limited, should be …

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

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

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**Interpretation:** Section 33 mandates liquidation when CIRP fails. The absence of a viable

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**Application:** Since no resolution plan was approved and the CIRP failed, the Tribunal applied

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## Parties

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

## Timeline

- **2018-12-10 — Initiation…**: Tribunal passed the order of admission and initiation of Corporate Insolvency Resolution…
- **2019-01-11 — IRP's First Progress…**: The IRP filed its Ist Progress Report and informed the Tribunal about the various…

## 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)

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