# In the matter of Noble Steels Pvt. Ltd.

> NCLT judgment dated 2024-06-10. Citation: TCN-2024-NCLT-01199. The case involves an application filed for the liquidation of the corporate debtor, Noble…

- **Court:** NCLT
- **Order date:** 10 Jun 2024
- **Citation:** TCN-2024-NCLT-01199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noble-steels-pvt-ltd-4988a347

## Summary

### Background

The case involves an application filed for the liquidation of the corporate debtor, Noble Steels Pvt Ltd. The CoC, in its 12th meeting held on 2023-11-18, resolved to liquidate the corporate debtor with 81.76% voting share. The application IA(I.B.C)/ 47 (CH) 2024 was filed for passing the order of liquidation and appointment of a liquidator.

## Facts

The Corporate Debtor, Noble Steels Pvt Ltd, underwent Corporate Insolvency Resolution Process (CIRP). During the CIRP, the Committee of Creditors (CoC) in its 12th meeting held on 2023-11-18, resolved to liquidate the Corporate Debtor with a voting share of 81.76%. An application, IA(I.B.C)/ 47 (CH) 2024, was filed seeking an order for liquidation and appointment of a liquidator. Mr. Parvinder Singh, holding Registration No. IBBI/IPA-001/IP-P01603/2019-2020/12468, was appointed as the liquidator. The court directed the liquidator to act as per the provisions of the IBC, 2016, and relevant regulations. The order also addressed the cessation of the moratorium under Section 14 and the commencement of a fresh moratorium under Section 33(5) of the IBC. Several other IAs

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor should be approved based on the …

**Ratio:** The resolution passed by the CoC with the requisite majority (81.76%) is a key factor in

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**Reasoning:** The court considered the CoC's decision to liquidate the corporate debtor, which was

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**Interpretation:** The IBC emphasizes the importance of the CoC's decisions in the insolvency

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**Application:** In this case, the CoC's resolution to liquidate the corporate debtor was

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## Parties

- **Judges:** SH. L. N.…; Sh. Harnam Singh…
- **Appellants:** Mr Suresh Kumar…
- **Respondents:** Noble Steels Pvt.…
- **Advocates:** Vikas Cha…; Ramneek Kau…

## Timeline

- **2023-11-18 — 12th Meeting…**: The CoC resolved to liquidate the…
- **2024-06-10 — Order Del…**: Order delivered for liquidation of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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