# In the matter of Alstrong Acp Manufacturing India Private Limited

> NCLT judgment dated 2024-07-04. Citation: TCN-2024-NCLT-01071. The case involves an application filed by Mr. Ram Ratan Jagati, the Operational Creditor, to…

- **Court:** NCLT
- **Order date:** 4 Jul 2024
- **Citation:** TCN-2024-NCLT-01071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alstrong-acp-manufacturing-india-private-limited-66ef42e3

## Summary

### Background

The case involves an application filed by Mr. Ram Ratan Jagati, the Operational Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. ALSTRONG ACP MANUFACTURING INDIA PRIVATE LIMITED, the Corporate Debtor. The Adjudicating Authority admitted the application on 2022-04-18, declaring a moratorium and appointing Mr. Alok Kumar Agarwal as the Interim Resolution Professional, who was later confirmed as the Resolution Professional by the CoC. The Resolution Professional filed an application seeking initiation of liquidation proceedings for the Corporate Debtor. The CoC rejected the resolution plan and resolved not to explore the sale of the Corporate Debtor as a going concern.

## Facts

Mr. Ram Ratan Jagati, an Operational Creditor, initiated CIRP against M/s. ALSTRONG ACP MANUFACTURING INDIA PRIVATE LIMITED. The Adjudicating Authority admitted the application on 2022-04-18, imposing a moratorium and appointing Mr. Alok Kumar Agarwal as the Interim Resolution Professional, later confirmed by the CoC. A public announcement was made on 2022-04-20, inviting creditors to submit claims by 2022-05-02. Claims were received from Ram Ratan Jagati and M/s. Mangalam Apartments Limited (a related party). The State Bank of India (SBI) also submitted a claim and was included in the CoC as the sole Financial Creditor. The Resolution Professional published an invitation for Expression of Interest (EOI), but none of the interested parties submitted the details under

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount and

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**Reasoning:** The CoC, with a 100% majority, decided to seek liquidation of the Corporate Debtor. The

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**Interpretation:** The decision emphasizes the importance of respecting the CoC's commercial

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**Application:** Given the CoC's decision and the limited assets of the Corporate Debtor, the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Ram Ratan…
- **Respondents:** ALSTRONG ACP…; M/s. ALSTRONG ACP…

## Timeline

- **2022-04-18 — Admission…**: Adjudicating Authority admitted the application and declared a moratorium and appointed…
- **2022-04-20 — Public Annou…**: IRP made the public announcement in the…

## 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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