# In the matter of Metkore Alloys & Industries Ltd.

> NCLT judgment dated 2023-08-16. Citation: TCN-2023-NCLT-02018. The case pertains to IA No. 1196/2023 in CP(IB) No. 346/7/HDB/2018, concerning the liquidation…

- **Court:** NCLT
- **Order date:** 16 Aug 2023
- **Citation:** TCN-2023-NCLT-02018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/metkore-alloys-industries-ltd-9ca6b6e2

## Summary

### Background

The case pertains to IA No. 1196/2023 in CP(IB) No. 346/7/HDB/2018, concerning the liquidation process of M/s Metkore Alloys & Industries Ltd. initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by the liquidator, Sisir Kumar Appikatla, seeking approval for the closure of the liquidation process as per Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by M/s Hero Wiretex Limited, and Sisir Kumar Appikatla was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Due to the absence of an approved resolution plan, liquidation was ordered. The liquidator took

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## Facts

M/s Metkore Alloys & Industries Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s Hero Wiretex Limited under Section 7 of the IBC. Sisir Kumar Appikatla was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Due to the absence of an approved resolution plan, liquidation was ordered. The liquidator, Sisir Kumar Appikatla, initiated the liquidation process, made public announcements, informed stakeholders, and appointed valuers to ascertain the value of the assets. The liquidator constituted a stakeholders' consultation committee and conducted meetings to update and discuss various activities. The sale of the Corporate Debtor was conducted as a going concern, and Mr. Sudhakar Bodugu

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## Issues and analysis

### Issue 1: Whether the application for closure of the liquidation process of M/s Metkore Alloys & …

**Ratio:** Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, provides for the

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**Reasoning:** The liquidator has completed the necessary steps in the liquidation process, including

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**Interpretation:** Regulation 45(3)(a) allows for the closure of the liquidation process when all

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**Application:** The liquidator, Sisir Kumar Appikatla, has fulfilled all the requirements under

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## Parties

- **Judges:** TELAPROLU…; Shri. Chara…
- **Appellants:** Hero Wiret…
- **Respondents:** Metkore Alloys &…
- **Advocates:** Ms.Mano R…; M. Rama…

## Timeline

- **2018-12-12 — CIRP Init…**: Tribunal passed an order for Corporate Insolvency Resolution Process (CIRP) following an…
- **2020-12-24 — Liquidation…**: Tribunal admitted an application for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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