# In the matter of Bhaskar Shrachi Alloys Limited I.A. (IB) No. 346-KB-2021in C.P. (IB) No. 701-KB-2019

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03573. The case pertains to an application filed under regulation 45(3) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhaskar-shrachi-alloys-limited-ia-ib-no-346-kb-2021in-cp-ib-no-701-kb-2019-9247e1da

## Summary

### Background

The case pertains to an application filed under regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking the closure of the liquidation process of the Corporate Debtor, Bhaskar Shrachi Alloys Limited. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 27 September 2019, following a petition by Damodar Valley Corporation under section 9 of the Code. Samir Agarwal was appointed as the Interim Resolution Professional and later as the Liquidator. The liquidation process commenced on 29 April 2020.

## Facts

Damodar Valley Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Bhaskar Shrachi Alloys Limited under Section 9 of the Code, which was admitted on 27 September 2019. Samir Agarwal was appointed as the Interim Resolution Professional and later as the Liquidator. The liquidation process commenced on 29 April 2020. The Liquidator formed a Stakeholders Consultation Committee (SCC) and issued public announcements. Several attempts were made to sell the Corporate Debtor as a going concern through e-auctions. Chinar Steel Segment Centre Private Limited emerged as the Successful Bidder in the second e-auction. The Liquidator issued a Letter of Intent and received a Letter of Acceptance. The entire sale consideration of ₹11,40,00,000/- was received,

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## Issues and analysis

### Issue 1: Whether the liquidation process of the …

**Ratio:** Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The court considered the Liquidator's actions, including the sale of the Corporate Debtor

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**Interpretation:** Regulation 45(3) provides a mechanism for the orderly closure of the

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**Application:** The court applied Regulation 45(3) to the facts of the case, noting that the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Bhaskar Shrachi…; Damodar Valley…

## Timeline

- **2019-09-27 — Admission in…**: Corporate Debtor admitted into Corporate…
- **2020-04-29 — Commencement of…**: Liquidation process of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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