# In the matter of Grids Steel & Alloys Limited

> NCLT judgment dated 2025-09-26. Citation: TCN-2025-NCLT-01416. Canara Bank, as the financial creditor, filed an application under Section 33 of the Insolvency…

- **Court:** NCLT
- **Order date:** 26 Sept 2025
- **Citation:** TCN-2025-NCLT-01416
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/grids-steel-alloys-limited-4b202548

## Summary

### Background

Canara Bank, as the financial creditor, filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order for Grids Steel & Alloys Limited, the corporate debtor. The corporate debtor was admitted into CIRP on 31.01.2023.

## Facts

The Corporate Debtor was admitted into CIRP vide order dated 31.01.2023.

Mr. Giridhari Lal Sharma was appointed as the Interim Resolution Professional.

The CoC, comprised of Canara Bank, resolved to appoint the IRP as Resolution Professional.

The Resolution Professional published an invitation for expression of interest via FORM G.

The suspended board of Directors filed a Writ petition before the Hon'ble High Court of Orissa, challenging the order dated 26.06.2023.

The Hon'ble High Court granted a stay on the order passed by the Tribunal.

The CoC resolved to exclude the CIRP period due to the stay order.

The Hon'ble High Court dismissed the writ petition and vacated the stay order.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be put into liquidation under Section 33(2) of the Insolvency …

**Ratio:** The CoC in their 35th meeting held on 02.07.2025 decided to liquidate the Corporate

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**Reasoning:** The Resolution Plans submitted by the Prospective Resolution Applicants were not accepted

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**Interpretation:** Section 33(2) of the Code allows for

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**Application:** The Tribunal, based on the CoC's decision and the unviability of resolution

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Canara…
- **Respondents:** Grids Steel &…
- **Other parties:** Suresh Chandra…; Giridhari Lal…
- **Advocates:** Saswat Kumar…; Abhijeet A…

## Timeline

- **31.01.2023 — Admission in…**: The Corporate Debtor was…
- **02.02.2023 — Public Annou…**: The IRP made a public announcement as per…

## 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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