# In the matter of Adi Ispat Private Limited IA(IBC)-443(KB)2022 in CP(IB)-1172(KB)2019

> NCLT judgment dated 2022-09-27. Citation: TCN-2022-NCLT-00928. The case involves an application filed by the Resolution Professional (RP) of Adi Ispat Private…

- **Court:** NCLT
- **Order date:** 27 Sept 2022
- **Citation:** TCN-2022-NCLT-00928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adi-ispat-private-limited-iaibc-443kb2022-in-cpib-1172kb2019-e4493036

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Adi Ispat Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC), with State Bank of India as the sole member, unanimously recommended liquidation as a going concern since no resolution plans were approved. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Daulat Ram Jain due to apprehension by the Central Bureau of Investigation on bribery charges.

## Facts

Adi Ispat Private Limited is the Corporate Debtor. State Bank of India is the Financial Creditor and the sole member of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Adi Ispat Private Limited on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Daulat Ram Jain. The CoC unanimously recommended liquidation of the Corporate Debtor as a going concern because no resolution plans were approved. The CIRP period ended on 15/05/2022, after exclusions for COVID restrictions and other periods. The Resolution Professional, Mr. Daulat Ram Jain, consented to act as Liquidator. The CoC approved the liquidation with the required voting

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Adi Ispat Private Limited, should …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) mandates the Adjudicating

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**Reasoning:** The CoC, with State Bank of India as the sole member, unanimously recommended liquidation

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**Interpretation:** Section 33(2) of the IBC requires the Adjudicating Authority to approve

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**Application:** The CoC approved the liquidation, and the RP filed the application. The

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Adi Ispat Private…

## Timeline

- **2019-11-22 — Initiation…**: CIRP initiated against…
- **2019-11-27 — Public Annou…**: Public Announcement in…

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