# In the matter of Him Steel Private Limited I.A- 3442-2022 in CP(IB)-494-ND-2019

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01614. The case pertains to the dissolution of M/s HIM STEEL Private Limited, a corporate debtor,…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/him-steel-private-limited-ia-3442-2022-in-cpib-494-nd-2019-ab09fa94

## Summary

### Background

The case pertains to the dissolution of M/s HIM STEEL Private Limited, a corporate debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016. Syndicate Bank (now Canara Bank), the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The Adjudicating Authority admitted the petition on 2019-07-15 and appointed Ms. Reshma Mittal as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors, collated the claims, and constituted the Committee of Creditors (CoC). The IRP was confirmed as Resolution Professional (RP) by the CoC. The CoC sought an extension from the Adjudicating Authority, which was allowed. A resolution plan was received but rejected by the CoC

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## Facts

Syndicate Bank (now Canara Bank) initiated Corporate Insolvency Resolution Process (CIRP) against M/s HIM STEEL Private Limited. The Adjudicating Authority admitted the petition on 2019-07-15 and appointed Ms. Reshma Mittal as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors, collated the claims, and constituted the Committee of Creditors (CoC). The IRP was confirmed as Resolution Professional (RP) by the CoC. The CoC sought an extension from the Adjudicating Authority, which was allowed. A resolution plan was received but rejected by the CoC as the Resolution Plan Value was less than the Liquidation Value. The CoC proposed for Liquidation of the Corporate Debtor and proposed that the RP continue as

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## Issues and analysis

### Issue 1: Whether the assets of the Corporate …

**Ratio:** Section 54 of the IBC, 2016 mandates that where the assets of the corporate debtor have

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**Reasoning:** The Adjudicating Authority considered the submissions made by the applicant and the

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**Interpretation:** This provision requires the Adjudicating Authority to ensure that all assets of

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**Application:** In this case, the assets of the Corporate Debtor were completely liquidated,

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Respondents:** M/s HIM STEEL…

## Timeline

- **2019-07-15 — Admission of…**: The Adjudicating Authority admitted the petition and appointed Ms. Reshma Mittal as the…
- **2020-06-25 — Liquidation…**: A liquidation order was passed, and the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43(1) — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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