# In the matter of Abhijeet Integrated Steel Limited

> NCLT judgment dated 2024-03-06. Citation: TCN-2024-NCLT-02183. The case pertains to an application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 6 Mar 2024
- **Citation:** TCN-2024-NCLT-02183
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhijeet-integrated-steel-limited-7a5d18c3

## 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) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. A resolution plan submitted by Orissa Metaliks Pvt Ltd. was considered, but the RP observed deficiencies in the plan, specifically the lack of necessary projections to evaluate feasibility and viability. The Resolution Applicant failed to provide the

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## Facts

IDBI Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Integrated Steel Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). 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, including Jammu and Kashmir Bank ltd., Bank of Maharashtra, Karur Vaisya Bank Ltd, IDBI, Bank Ltd. and Bank of India. A resolution plan from Orissa Metaliks Pvt Ltd. was presented to the CoC. The RP identified deficiencies in the resolution plan, specifically the lack of projections required to evaluate feasibility and viability. The Resolution Applicant failed to provide the necessary

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the liquidation of Abhijeet Integrated Steel …

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

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**Reasoning:** The court reasoned that the resolution plan failed due to the Resolution Applicant's

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**Interpretation:** Section 33(1) is interpreted to mean that if a resolution plan is not approved

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**Application:** The court applied Section 33(1) to the facts of the case, noting that the

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## Parties

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

## Timeline

- **2023-03-31 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **2023-04-28 — CoC Meet…**: In the CoC meeting, Kamlesh Kumar Singhania was appointed as the Resolution Professional…

## 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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