# In the matter of Nippon Alloy Limited I.A. (IB) No. 904-KB-2021 in CP(IB) No. 1889-KB-2019

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02804. The case involves an application (I.A. No. 904/KB/2021) filed in a corporate insolvency…

- **Court:** NCLT
- **Order date:** 9 May 2022
- **Citation:** TCN-2022-NCLT-02804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nippon-alloy-limited-ia-ib-no-904-kb-2021-in-cpib-no-1889-kb-2019-ebc89109

## Summary

### Background

The case involves an application (I.A. No. 904/KB/2021) filed in a corporate insolvency resolution process (CIRP) under CP(IB) No. 1889/KB/2019. Ply Com Private Limited, an operational creditor, initiated the CIRP against Nippon Alloy Limited (formerly Narayani Ispat Limited). After the CIRP was initiated and admitted on 30 January 2020, the applicant, Mr. Subodh Kumar Agarwal, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Subsequently, a liquidation application was filed under section 33 of the Insolvency and Bankruptcy Code (IBC), and the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 8 December 2020. The applicant, as liquidator, sought directions from the court to compel the

…

## Facts

Ply Com Private Limited, an operational creditor, initiated corporate insolvency proceedings against Nippon Alloy Limited (formerly Narayani Ispat Limited). The CIRP was admitted on 30 January 2020, and Mr. Subodh Kumar Agarwal was appointed as the IRP and later as the RP. Subsequently, a liquidation order was passed on 8 December 2020. The liquidator filed I.A. No. 904/KB/2021 seeking directions against South India Bank Limited (Respondent No. 1) and Union Bank of India (Respondent No. 2), both secured financial creditors. South India Bank had extended credit facilities of ₹12,00,00,000 to the Corporate Debtor, secured by an exclusive charge created on 6 May 2019. South India Bank disclosed its security interest in Form D submitted on 29 December 2020, choosing not to

…

## Issues and analysis

### Issue 1: Whether the secured creditors, South India Bank Limited and Union Bank of India, complied with …

**Ratio:** Regulation 21A of the IBBI (Liquidation Process) Regulations, 2016, mandates that a

…

**Reasoning:** The court noted that both South India Bank and Union Bank of India submitted Form D

…

**Interpretation:** Regulation 21A is interpreted to provide a clear framework for secured

…

**Application:** Since South India Bank and Union Bank of India submitted Form D within the

…

## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Subodh Kumar…
- **Respondents:** Nippon Alloy…; South India Bank…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No. 1889 /KB/2019 filed…
- **2020-01-30 — CIRP Adm…**: The Adjudicating Authority admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

---

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/nippon-alloy-limited-ia-ib-no-904-kb-2021-in-cpib-no-1889-kb-2019-ebc89109