# In the matter of Loha Ispaat Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01591. The case involves MA 1265/2018 in C.P.(IB)724/MB/2017 before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/loha-ispaat-limited-6b8a7386

## Summary

### Background

The case involves MA 1265/2018 in C.P.(IB)724/MB/2017 before the National Company Law Tribunal, Mumbai Bench. The matter concerns Bright Steel Processors V/S Loha Ispat Limited. The Liquidator was directed to take instructions on whether to proceed. The Liquidator's counsel requested an adjournment due to the Liquidator's preoccupation with income tax matters. The Liquidator was absent on the previous occasion as well. The Registry was directed to issue notice to the Liquidator of the Corporate Debtor, Mr. Anil Goel. The Liquidator is directed to show cause as to why contempt proceedings should not be initiated against him for not remaining present.

## Facts

The case MA 1265/2018 involves Bright Steel Processors V/S Loha Ispat Limited. The Liquidator's counsel requested an adjournment due to the Liquidator's preoccupation with income tax matters. The Liquidator was also absent on the previous hearing. The Registry was directed to issue notice to the Liquidator of the Corporate Debtor, Mr. Anil Goel. The Liquidator is directed to show cause as to why contempt proceedings should not be initiated against him for not remaining present. The IBBI may look into the negligent conduct of Liquidator. The case was adjourned to 20.10.2023. The Liquidator's absence and the request for adjournment are key facts influencing the court's actions and directions.

## Issues and analysis

### Issue 1: Whether the Liquidator's absence and …

**Ratio:** The court has the power to ensure the smooth and timely resolution of insolvency

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**Reasoning:** The court noted the Liquidator's absence on the previous occasion and expressed concern

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**Interpretation:** The court interprets the Liquidator's conduct as potentially negligent and

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**Application:** The court's direction to the Liquidator to show cause and the warning against

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Bright Steel…
- **Respondents:** Loha Ispat…

## Timeline

- **2023-09-15 — Hearing…**: Order sheet of the…
- **2023-10-20 — Next Hearin…**: Case stood over to 20.10.2023 for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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