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

> NCLT judgment dated 2024-05-10. Citation: TCN-2024-NCLT-01378. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 10 May 2024
- **Citation:** TCN-2024-NCLT-01378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kamineni-steel-power-india-private-limited-c5c34f7d

## 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 by the Hon'ble Apex Court on 26.10.2018, leading to an order for liquidation of the Corporate Person. Mr. Racharla Ramakrishna Gupta was appointed as the Liquidator. The liquidation process commenced on 26.10.2018, and the final report was filed on 08.03.2024. Several extensions were granted to complete the liquidation process, during which e-auctions were conducted but remained unsuccessful for a prolonged period. Mr. Kallat Vatsa Kumar was later appointed as the Liquidator on 08.11.2023.

## Facts

Kamineni Steels & Power India Pvt Ltd faced Corporate Insolvency Resolution Process (CIRP) after a petition was admitted on 10.02.2017. A resolution plan failed, leading to liquidation starting 26.10.2018. Racharla Ramakrishna Gupta was the initial liquidator, succeeded by Kallat Vatsa Kumar on 08.11.2023. Multiple extensions were granted for liquidation due to unsuccessful e-auctions. The company's assets included land (143.825 acres) and a 350,000 MTPA steel billet plant in Nalgonda District. Valuations were conducted in Jan-2019, Jun-2022, and Nov-2023, with the final liquidation value at Rs. 450.50 crores. Six sale notices were issued, with the 4th attracting a successful bid from Nimmagadda Suryapradeep Biotech P Ltd, which later defaulted, leading to EMD

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC) lays down the criteria for the

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**Reasoning:** The Adjudicating Authority considered the facts presented, including the complete

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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 and

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## Parties

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

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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