# In the matter of Jai Sai Ram Steel Pvt. Ltd. IA-1295 & 6110-2022 in (IB)-3390(ND)-2019

> NCLT judgment dated 2023-02-16. Citation: TCN-2023-NCLT-04575. The case involves an application for the liquidation of the Corporate Debtor, M/s. Jai Sai Ram…

- **Court:** NCLT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLT-04575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jai-sai-ram-steel-pvt-ltd-ia-1295-6110-2022-in-ib-3390nd-2019-0d3db59a

## Summary

### Background

The case involves an application for the liquidation of the Corporate Debtor, M/s. Jai Sai Ram Steel Pvt. Ltd., under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC), consisting solely of Punjab National Bank, resolved to liquidate the Corporate Debtor after the CIRP period expired without a resolution plan. The CoC also recommended Mr. Kapil Dev Dhir as the Liquidator.

## Facts

M/s. D. P. Industries filed an application under Section 9 of the IBC, 2016 against M/s. Jai Sai Ram Steel Pvt. Ltd. The CIRP commenced on 2021-07-30. The Committee of Creditors (CoC), consisting solely of Punjab National Bank, resolved to liquidate the Corporate Debtor in its 3rd meeting held on 2022-01-27. The CoC also recommended Mr. Kapil Dev Dhir as the Liquidator. The CIRP period exceeded 500 days without a resolution plan being approved. Respondent Nos. 3 & 5 did not appear despite service of notice and were proceeded against ex-parte.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated given the absence of a resolution plan and the …

**Ratio:** Section 33(1)(2) of the IBC mandates liquidation if no resolution plan is received within

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**Reasoning:** The court reasoned that the CIRP had exceeded the maximum period without a resolution

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**Interpretation:** Section 33(1)(2) of the IBC is interpreted to mean that liquidation is the

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**Application:** Since no resolution plan was filed and the CoC voted to liquidate, the court

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; Shri. L. N.…
- **Appellants:** M/s. D. P.…
- **Respondents:** M/s Jai Sai Ram…

## Timeline

- **2021-07-30 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) commenced for M/s. Jai Sai Ram Steel…
- **2022-01-27 — CoC Meet…**: The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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