# In the matter of Ambay Coke Industries Private Limited

> NCLT judgment dated 2024-12-03. Citation: TCN-2024-NCLT-00110. The case involves an application filed by State Bank of India, the Financial Creditor, against…

- **Court:** NCLT
- **Order date:** 3 Dec 2024
- **Citation:** TCN-2024-NCLT-00110
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ambay-coke-industries-private-limited-f7d1a7e0

## Summary

### Background

The case involves an application filed by State Bank of India, the Financial Creditor, against Ambay Coke Industries Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The CIRP was commenced on May 22, 2024, and Mr. Avishek Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

## Facts

State Bank of India initiated CIRP against Ambay Coke Industries Private Limited under Section 7 of IBC, 2016. The CIRP commenced on 2024-05-22, with Avishek Gupta appointed as IRP and later confirmed as RP. Public announcements were made, and a CoC was formed, comprising State Bank of India. The RP invited EOIs, receiving six in total. The last date for submitting a resolution plan was 2024-10-12. Two potential resolution applicants requested an extension, but the CoC decided against it, opting for liquidation. The CoC, in its 6th meeting on 2024-11-15, resolved to liquidate the Corporate Debtor and recommended Vijender Sharma as the liquidator. The resolution for liquidation passed with 100% votes in favor. The Corporate Debtor possesses land and assets, including

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Ambay Coke Industries Private …

**Ratio:** Section 33(2) of the IBC mandates the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC, in its 6th meeting, passed a resolution for the liquidation of the Corporate

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**Interpretation:** Section 33(2) provides a clear directive for the Adjudicating Authority to

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**Application:** In this case, the CoC approved the liquidation with the required majority.

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** State Bank of…
- **Respondents:** Ambay Coke…

## Timeline

- **2024-05-22 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Ambay Coke Industries…
- **2024-05-25 — Public Annou…**: Public announcement made in 'Financial…

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