# In the matter of Kamineni Steel & Power India Private Limited

> NCLT judgment dated 2024-05-10. Citation: TCN-2024-NCLT-01369. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 10 May 2024
- **Citation:** TCN-2024-NCLT-01369
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kamineni-steel-power-india-private-limited-592c37bf

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Kamineni Steels & Power India Pvt Ltd. The petition was admitted on 10.02.2017. Subsequently, the resolution plan submitted by the corporate applicant was not approved, leading to an order for liquidation on 26.10.2018. Mr. Racharla Ramakrishna Gupta was appointed as the Liquidator. The liquidation process commenced on 26.10.2018, and multiple extensions were granted for the liquidation period due to unsuccessful e-auctions. Mr. Kallat Vatsa Kumar was later appointed as the Liquidator on 08.11.2023. The liquidator took custody of the corporate person's assets and convened meetings of the Stakeholders Consultation Committee (SCC). Several sale notices were issued, and

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## Facts

Kamineni Steels & Power India Pvt Ltd faced Corporate Insolvency Resolution Process (CIRP) after a petition was admitted on 10.02.2017. Due to the failure of the resolution plan, liquidation was ordered on 26.10.2018, and Mr. Racharla Ramakrishna Gupta was appointed as Liquidator. Later, Mr. Kallat Vatsa Kumar was appointed as Liquidator on 08.11.2023. The liquidation process involved multiple extensions due to unsuccessful e-auctions. The liquidator took custody of the corporate person's assets and convened 22 meetings of the Stakeholders Consultation Committee (SCC). Six sale notices were issued, and Kalyani Steels Ltd emerged as the successful bidder in the 6th e-auction with a bid of Rs. 450 crores. The assets, including land admeasuring 143.825 acres located

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the IBC lays down the criteria for dissolution of the Corporate Debtor. It

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**Reasoning:** The Adjudicating Authority reviewed the facts and circumstances of the case and found

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**Interpretation:** Section 54 of the IBC provides the legal basis for dissolving a corporate

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**Application:** In this case, the Adjudicating Authority applied Section 54 of the IBC to the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Kamineni Steels &…
- **Advocates:** Ms.Mano R…; M. Rama…

## Timeline

- **2017-02-10 — Petition Ad…**: The petition filed U/S 10 of the Code was admitted, and Corporate Insolvency Resolution…
- **2018-10-26 — Liquidation…**: The Resolution Plan submitted by the Corporate Applicant was declared as not approved,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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