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

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01221. 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-01221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brahmaputra-tmt-bars-pvt-ltd-971b0cb0

## 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 previously filed an application 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 decided to replace the IRP and appoint Mrs. Meena Sureka as Resolution Professional. The CoC determined that liquidation was the best course of action since the tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act. The Resolution Professional then filed an application for liquidation.

## Facts

The Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) after an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) was admitted on October 28, 2022. Mr. Manish Agarwalla was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC). The CoC decided to replace Mr. Manish Agarwalla with Mrs. Meena Sureka as the Resolution Professional (RP). The CoC determined that liquidation was the most appropriate course of action because all tangible assets of the Corporate Debtor had already been sold out by the CoC members under the SARFAESI Act. The CoC voted with 100% approval for the liquidation of the Corporate Debtor. Mrs. Meena Sureka, the Resolution

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## 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 clear mechanism for initiating liquidation when the

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**Application:** In this case, the CoC's unanimous decision, coupled with the prior sale of

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## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Appellants:** Meena S…
- **Respondents:** Brahmaputra TMT…; State Bank of…

## Timeline

- **2022-10-28 — Admission of Section 10…**: Application under Section 10 of the IBC…
- **2022-12-28 — CoC Resol…**: The Committee of Creditors (CoC) decided to replace the IRP Mr. Manish Agarwalla and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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