# In the matter of Parte Casters Private Limited

> NCLT judgment dated 2024-01-02. Citation: TCN-2024-NCLT-03367. State Bank of India filed a Miscellaneous Application (MA 1909/2019) under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 2 Jan 2024
- **Citation:** TCN-2024-NCLT-03367
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parte-casters-private-limited-609c0043

## Summary

### Background

State Bank of India filed a Miscellaneous Application (MA 1909/2019) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Parte Casters Private Limited ('Corporate Debtor') due to the failure of the Resolution Plan. The Resolution Plan, approved by the Committee of Creditors (CoC) and the Tribunal on October 22, 2018, was not implemented by the Successful Resolution Applicant (SRA), Mr. Pritviraj Patil and Mr. Amol Jagdale. The applicant sought initiation of liquidation process, appointment of Mr. Girish Juneja as liquidator, and sanctions against the Resolution Applicants under section 74(3) of the Insolvency and Bankruptcy Code, 2016.

## Facts

State Bank of India (SBI) filed MA 1909/2019 seeking liquidation of Parte Casters Private Limited (Corporate Debtor). The application was filed due to the failure of the Resolution Plan approved by the NCLT on October 22, 2018. The Resolution Plan was approved with a value of Rs. 4.79 Crores against a liquidation value of Rs. 1.30 Crores. The Resolution Plan stipulated that the secured financial creditor, SBI, would be paid Rs. 1.79 Crores, including CIRP costs of Rs. 0.79 Crores within 30 days and Rs. 1 Crore within 90 days from the Effective Date. The Effective Date was defined as the date on which various approvals mandatorily required for implementation of the Proposed Plan are provided by the concerned authority, which was October 22, 2018. The 30-day deadline

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan has failed due to non-implementation by the Successful Resolution …

**Ratio:** Clause 9.11 of the Resolution Plan deals with "Failure of Resolution Plan" and

…

**Reasoning:** The Resolution Applicants failed to make the payments as per the timelines stipulated in

…

**Interpretation:** The failure to adhere to the payment schedule outlined in the Resolution Plan

…

**Application:** The Resolution Applicants' failure to meet the payment deadlines as per the

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** State Bank of…
- **Respondents:** Parte Casters…

## Timeline

- **2018-10-22 — Resolution Plan…**: The Tribunal approved the Resolution Plan without any modification in M.A. No. 454 of…
- **2018-10-22 — Effective…**: The Effective Date of the Resolution Plan…

## 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)

---

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/parte-casters-private-limited-609c0043