# In the matter of Bhadramaruti Concast Pvt. Ltd. IA-1513-2020 in C.P. (IB)4493(MB)2018

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-03103. The case involves an application (IA-1513/2020) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-03103
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhadramaruti-concast-pvt-ltd-ia-1513-2020-in-cp-ib4493mb2018-b2efc61a

## Summary

### Background

The case involves an application (IA-1513/2020) filed by the Resolution Professional, Mr. Laxman Digambar Pawar, seeking the liquidation of Bhadramaruti Concast Private Limited under Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhadramaruti Concast Private Limited after the admission of a petition under Section 9 of the Code filed by Aadilaxmi Trading Co., the Operational Creditor. The Applicant was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

## Facts

Aadilaxmi Trading Co. initiated Corporate Insolvency Resolution Process (CIRP) against Bhadramaruti Concast Private Limited by filing a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2020-02-04. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The Committee of Creditors (COC) approved the continuation of the IRP as Resolution Professional. Two valuers, Mr. Atul Shukla and Mr. Sanjay Oswal, were appointed to determine the liquidation value. The COC disapproved the request for expression of interest for a resolution plan due to the company's closed operations since 2015 and the lack of assets except leased land. The COC then

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Bhadramaruti Concast Private Limited should be allowed …

**Ratio:** Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016, provide the

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**Reasoning:** The Committee of Creditors (COC) disapproved the request for expression of interest for a

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**Interpretation:** The interpretation of Section 33(1)(a) and 34(1) allows for liquidation when

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**Application:** In this case, the COC's decision to liquidate the Corporate Debtor, due to the

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## Parties

- **Judges:** KISHORE VEMULAPALL…; RAJESH S…
- **Respondents:** Bhadramaruti…; Aadilaxmi Trading…

## Timeline

- **2020-02-04 — Admission of…**: Company Petition No. 4493/2018 admitted under Section 9 of the Code, filed by Aadilaxmi…
- **2020-02-20 — Public Annou…**: IRP made Public announcements through Form A in Business Standard inviting claims from…

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