# In the matter of Danla Metaliks Private Limited

> NCLT judgment dated 2024-03-19. Citation: TCN-2024-NCLT-02023. The case involves an application for the liquidation of Danla Metaliks Private Limited. The…

- **Court:** NCLT
- **Order date:** 19 Mar 2024
- **Citation:** TCN-2024-NCLT-02023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/danla-metaliks-private-limited-d625769e

## Summary

### Background

The case involves an application for the liquidation of Danla Metaliks Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Danla Metaliks Private Limited following a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Aditya Kumar Tibrewal was appointed as the Interim Resolution Professional (IRP). Despite efforts to obtain necessary documents and explore resolution options, no resolution plan was received, and the Committee of Creditors (CoC) voted to liquidate the Corporate Debtor.

## Facts

The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Danla Metaliks Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Aditya Kumar Tibrewal was appointed as the Interim Resolution Professional (IRP). Public announcement was made as per Section 15 of the Code, and a Committee of Creditors (CoC) was formed, consisting of State Bank of India. The RP requested books of accounts and financial statements from the erstwhile directors, but they failed to provide any documents. The RP could not locate the Corporate Debtor's office or the residential addresses of the suspended board of directors. The only potential resolution applicant (PRA) withdrew their name. The 180-day CIRP period was ending on February 21,

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Danla Metaliks Private Limited, …

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

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**Reasoning:** The CoC approved the liquidation of Danla Metaliks Private Limited with 100% votes,

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**Interpretation:** Section 33(2) provides a clear legal basis for the Adjudicating Authority to

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**Application:** In this case, the CoC's unanimous decision to liquidate Danla Metaliks Private

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## Parties

- **Judges:** Smt Bidisha…; D. Ar…
- **Appellants:** State Bank of…
- **Respondents:** Danla Metaliks…

## Timeline

- **2023-08-25 — Initiation…**: The Adjudicating Authority directed the initiation of the Corporate Insolvency Resolution…
- **N/A — Formation…**: The Committee of Creditors (CoC) was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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