# In the matter of BP Ferrium Industries Pvt. Ltd.

> NCLT judgment dated 2023-08-16. Citation: TCN-2023-NCLT-02020. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against BP…

- **Court:** NCLT
- **Order date:** 16 Aug 2023
- **Citation:** TCN-2023-NCLT-02020
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bp-ferrium-industries-pvt-ltd-29a71055

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against BP Ferrium Industries Pvt Ltd. The CIRP was initiated following a Tribunal order dated 2021-11-10. An Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). The IRP was later confirmed as the Resolution Professional (RP). The RP issued an Expression of Interest (EoI) but received no bids. The CoC concluded that revival of the Corporate Debtor (CD) was not possible and resolved to liquidate the company. The RP expressed inability to act as Liquidator, and the CoC proposed the Applicant as Liquidator. An application for liquidation was filed and allowed, appointing the Applicant as Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against BP Ferrium Industries Pvt Ltd based on a Tribunal order dated 2021-11-10. Krishna Komaravolu was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). An Expression of Interest (EoI) was issued on 2021-01-23, but no bids were received. The Committee of Creditors (CoC) concluded on 2022-04-30 that revival was not possible and resolved to liquidate. The RP expressed inability to act as Liquidator, and the Applicant was appointed as Liquidator on 2022-07-21. A public announcement was made on 2022-07-29. The Liquidator opened a bank account, formed a Stakeholders Consultation Committee (SCC) on 2022-09-22, and requested the closure of the CD's

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## Issues and analysis

### Issue 1: Whether the liquidation process of the Corporate Debtor was completed in accordance with the …

**Ratio:** The legal principle applied is that if the liquidation process is completed as per the

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**Reasoning:** The court perused the contents of the application, heard the counsel appearing for the

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**Interpretation:** The interpretation is that the IBC, 2016 provides a framework for the

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**Application:** In this case, the Liquidator followed the necessary steps, including public

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## Parties

- **Judges:** TELAPROLU…; Shri. Chara…
- **Respondents:** BP Ferrium…; Bharani Commoditie…

## Timeline

- **2021-11-10 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate…
- **2021-11-01 — Appointment…**: Mr. Krishna Komaravolu was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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