# In the matter of KVR STEELS ORISSA LTD

> NCLT judgment dated 2025-08-22. Citation: TCN-2025-NCLT-01305. The case pertains to an application filed by the Resolution Professional, Rajesh Kumar Agarwal,…

- **Court:** NCLT
- **Order date:** 22 Aug 2025
- **Citation:** TCN-2025-NCLT-01305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/kvr-steels-orissa-ltd-686e29d5

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Rajesh Kumar Agarwal, of KVR Steels Orissa Ltd., seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016.

## Facts

The application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor, KVR Steels Orissa Ltd., was admitted into CIRP vide order dated 29.11.2023.

The Financial Creditor, Indian Bank, initiated the CIRP.

The Applicant, Rajesh Kumar Agarwal, was appointed as the Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was constituted on 21.12.2023.

The CoC comprised of the sole financial creditor, Indian Bank, with a 100% voting share.

The CoC recommended liquidation of the Corporate Debtor due to non-cooperation of the suspended board of directors and the inability to trace any assets.

The CIRP period was expiring on 24.08.2024.

Mr. Umesh Chandra Sahoo was appointed as the liquidator.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, KVR Steels Orissa Ltd., should be …

**Ratio:** Section 33(2) of the Code allows for the initiation of liquidation if the Adjudicating

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**Reasoning:** The CoC recommended liquidation due to the non-cooperation of the suspended board of

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**Interpretation:** The Adjudicating Authority interpreted Section 33(2) to allow for liquidation

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**Application:** The Adjudicating Authority applied Section 33(2) and allowed the application

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Rajesh Kumar…
- **Respondents:** KVR Steels Orissa…
- **Other parties:** Indian…; Vinod Ag…; +1 more
- **Advocates:** Pooja Ag…

## Timeline

- **2023-11-29 — Admission in…**: The Corporate Debtor was admitted into…
- **2023-11-30 — Public Annou…**: The Applicant made a public announcement of the CIRP of the Corporate Debtor on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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