# 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-04573. The case involves an application for the liquidation of the Corporate Debtor (CD), M/s. Jai Sai…

- **Court:** NCLT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLT-04573
- **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-2019-6ae644c0

## Summary

### Background

The case involves an application for the liquidation of the Corporate Debtor (CD), 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 CD in its 3rd meeting held on January 27, 2022, and recommended Mr. Kapil Dev Dhir as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) had commenced on July 30, 2021, and exceeded the maximum period without a resolution plan being filed.

## Facts

M/s. D. P. Industries filed an application against M/s. Jai Sai Ram Steel Pvt. Ltd. under Section 9 of the IBC, 2016. The CIRP commenced on 2021-07-30. The Committee of Creditors (CoC), consisting solely of Punjab National Bank, held its 3rd meeting on 2022-01-27 and resolved to liquidate the Corporate Debtor (CD). The CoC also recommended Mr. Kapil Dev Dhir as the Liquidator. No resolution plan was filed within the maximum period prescribed for the CIRP. Respondent Nos. 3 & 5 did not appear despite service of notice. The CoC voted with 100% voting share to liquidate the CD. The Adjudicating Authority considered the provisions of Section 33(1)(2) of the IBC, 2016.

## Issues and analysis

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

**Ratio:** Section 33(1)(2) of the IBC, 2016 mandates that in the event of non-receipt of any

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**Reasoning:** The court reasoned that the CIRP period had expired without a resolution plan being

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**Interpretation:** Section 33(1)(2) is interpreted to mean that if no resolution plan is approved

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**Application:** Since no resolution plan was filed within the maximum CIRP period and the CoC

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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…
- **2022-01-27 — CoC Meet…**: The Committee of Creditors (CoC) held its 3rd meeting and resolved to liquidate the…

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