# In the matter of PR Castalloys Private Limited

> NCLT judgment dated 2023-10-20. Citation: TCN-2023-NCLT-01081. The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 20 Oct 2023
- **Citation:** TCN-2023-NCLT-01081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pr-castalloys-private-limited-27fa3c1f

## Summary

### Background

The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr. Sachin Shrinivas Bhattad, seeking the liquidation of the Corporate Debtor, PR Castalloys Private Limited, under Section 60(5) and Section 33(3) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a company petition filed by Pheonix Industries Limited. The IRP published an invitation for Expression of Interest (EOI), but no documents were received from interested parties. The CoC then proposed the appointment of the applicant as the Resolution Professional. The CoC later decided to proceed with liquidation due to the lack of interest and the costs associated with re-issuing Form G. The CIRP deadline was

…

## Facts

Pheonix Industries Limited initiated CIRP against PR Castalloys Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2023-02-01, and Mr. Hemant Shripad Shetye was appointed as the Interim Resolution Professional (IRP). The IRP published an invitation for Expression of Interest (EOI) in Form G. The 3rd CoC meeting revealed interest from 7-8 parties, but no documents were received. The CoC then appointed Mr. Sachin Shrinivas Bhattad as the Resolution Professional (RP). The RP called the 4th CoC meeting and suggested liquidation due to the lack of interest and the costs associated with re-issuing Form G. The CoC advised deferring the agenda, but members did not respond to reminders. The RP convened the 5th CoC meeting and

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, PR Castalloys Private Limited, …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016 allows for the liquidation of a

…

**Reasoning:** The court observed that the Applicant (Resolution Professional) had unanimously decided

…

**Interpretation:** Section 33(3) provides the legal basis for initiating liquidation proceedings

…

**Application:** In this case, since no resolution plan was approved and the CoC members did not

…

## Parties

- **Judges:** Reeta K…; SANJIV…
- **Appellants:** Pheonix Industries…
- **Respondents:** PR Castalloys…

## Timeline

- **2023-02-01 — CIRP Init…**: CIRP was initiated…
- **2023-04-02 — Form G Publ…**: IRP published Invitation for…

## 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)

---

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/pr-castalloys-private-limited-27fa3c1f