# In the matter of Nagraj Alloys Private Limited

> NCLT judgment dated 2024-11-11. Citation: TCN-2024-NCLT-00277. The case involves an Interlocutory Application (IA (LIQ.)99/2024) filed in C.P.…

- **Court:** NCLT
- **Order date:** 11 Nov 2024
- **Citation:** TCN-2024-NCLT-00277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nagraj-alloys-private-limited-1aaa338e

## Summary

### Background

The case involves an Interlocutory Application (IA (LIQ.)99/2024) filed in C.P. (IB)/89(MB)2022, concerning the Corporate Insolvency Resolution Process (CIRP) of Nagraj Alloys Private Limited. The CIRP was initiated following the admission of a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, who then published a public announcement to invite claims from creditors. A Committee of Creditors (CoC) was formed, consisting solely of Omkara Asset Reconstruction Private Limited. The IRP was later replaced by the present Applicant as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) but received only one Resolution Plan by the deadline, which was subsequently

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Nagraj Alloys Private Limited was initiated following the admission of a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, by the Tribunal on 02.01.2024. Mr. Prasad Kamalakar Dharap was appointed as the Interim Resolution Professional (IRP). The IRP published a public announcement on 04.01.2024 to invite claims from creditors. A Committee of Creditors (CoC) was formed, consisting solely of Omkara Asset Reconstruction Private Limited. The IRP was replaced by the present Applicant as the Resolution Professional (RP) on 11.03.2024. The RP invited Expression of Interest (EoI) with a deadline of 24.03.2024, later extended to 22.04.2024. Five Prospective Resolution Applicants (PRAs) were

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Nagraj Alloys Private Limited, should be liquidated due to the …

**Ratio:** The legal principle applied is that if the CIRP fails to produce a viable resolution plan

…

**Reasoning:** The court reasoned that the CoC had rejected the sole resolution plan with a 100%

…

**Interpretation:** The interpretation of the law is that the Adjudicating Authority should respect

…

**Application:** In this specific case, the CoC's decision to reject the resolution plan and opt

…

## Parties

- **Judges:** V.G. B…; Prabhat…
- **Respondents:** Nagraj Alloys…

## Timeline

- **2024-01-02 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated by the Tribunal vide order dated…
- **2024-01-04 — Public Annou…**: The Interim Resolution Professional published a Public Announcement in Form A in The…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nagraj-alloys-private-limited-1aaa338e