# In the matter of Abhijeet Integrated Steel Limited

> NCLT judgment dated 2024-03-06. Citation: TCN-2024-NCLT-02185. The case pertains to an application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 6 Mar 2024
- **Citation:** TCN-2024-NCLT-02185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhijeet-integrated-steel-limited-467cb11d

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Abhijeet Integrated Steel Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Kamlesh Kumar Singhania was appointed as the Interim Resolution Professional (IRP). Public announcement was made, and a Committee of Creditors (CoC) was formed. The CoC appointed Kamlesh Kumar Singhania as the Resolution Professional. A resolution plan submitted by Orissa Metaliks Pvt Ltd. was considered but found to be deficient as the required projections to evaluate feasibility and viability were not submitted by the

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## Facts

IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Abhijeet Integrated Steel Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Kamlesh Kumar Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. Orissa Metaliks Pvt Ltd. submitted a resolution plan, but it was found deficient because the projections required to evaluate feasibility and viability were not submitted. The RP requested the Resolution Applicant to provide the missing information, but they failed to do so. Consequently, the RP filed an application seeking liquidation of the Corporate Debtor, Abhijeet Integrated Steel Limited, due to the absence of a compliant

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Abhijeet Integrated Steel Limited, …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority found merit in the prayers made in the application filed by

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**Interpretation:** Section 33(1) provides the legal basis for ordering liquidation when the

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**Application:** In this case, the resolution process failed because the resolution plan

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** IDBI Bank…
- **Respondents:** Abhijeet Integrate…

## Timeline

- **2023-03-31 — Initiation…**: Adjudicating Authority directed initiation of Corporate Insolvency Resolution Process…
- **2023-04-28 — CoC Meet…**: CoC appointed Mr. Kamlesh Kumar Singhania as the Resolution Professional with voting…

## 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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