# In the matter of Brahmaputra TMT Bars Pvt. Ltd.

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01232. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brahmaputra-tmt-bars-pvt-ltd-74117447

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd. The Corporate Debtor had initiated the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, which was admitted on October 28, 2022. An Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). The CoC, in its second meeting, decided to replace the IRP and appoint Mrs. Meena Sureka as the Resolution Professional (RP). The erstwhile IRP had placed a draft copy of invitation of Expression of Interest for resolution plan in the Second CoC meeting. However, the CoC was of the opinion that since all the tangible assets of the

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## Facts

Brahmaputra TMT Bars Pvt. Ltd. initiated CIRP under Section 10 of IBC. The application was admitted on October 28, 2022. Mr. Manish Agarwalla was appointed as IRP. The CoC was formed and decided to replace Mr. Agarwalla with Mrs. Meena Sureka as RP. The CoC determined that all tangible assets of the Corporate Debtor had been sold under the SARFAESI Act. Consequently, the CoC decided against pursuing a resolution plan and opted for liquidation under Section 33(2) of the IBC. The CoC voted with 100% approval for liquidation. Mrs. Meena Sureka was appointed as RP and subsequently as Liquidator. The Adjudicating Authority considered the CoC's decision and the provisions of Section 33(2) of the IBC. The CoC recommended that the sale of CD should be a going concern.

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd., …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The CoC, with 100% voting rights, approved the resolution for liquidation of the

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**Interpretation:** Section 33(2) provides a mechanism for the liquidation of a corporate debtor

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**Application:** The CoC's decision, supported by 100% votes, met the requirements of Section

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## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Respondents:** Brahmaputra TMT…; Meena Su…

## Timeline

- **2022-10-28 — CIRP Admi…**: The application under Section 10 of the IBC was admitted, initiating the Corporate…
- **2022-12-28 — CoC Meet…**: The Committee of Creditors (CoC) decided to replace the Interim Resolution Professional…

## 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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