# In the matter of PR Castalloys Private Limited

> NCLT judgment dated 2023-10-20. Citation: TCN-2023-NCLT-01068. 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-01068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pr-castalloys-private-limited-42fc6113

## Summary

### Background

The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr. Sachin Shrinivas Bhattad, seeking 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 decided to liquidate the Corporate Debtor after considering the value of assets and the cost/time involved in re-issuing Form G. The CoC approved

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## Facts

Pheonix Industries Limited initiated CIRP against PR Castalloys Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced, and Mr. Hemant Shripad Shetye was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) and published an invitation for Expression of Interest (EOI) in Form G. Despite expressing interest, no parties submitted documents for the EOI process. The CoC proposed appointing Mr. Sachin Shrinivas Bhattad as the Resolution Professional (RP), which was approved by the NCLT. The RP called a CoC meeting to discuss the next course of action, presenting options for re-issuing Form G or liquidating the Corporate Debtor. The CoC opted for liquidation due to the value of

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## Issues and analysis

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

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016 states that where the

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

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**Interpretation:** The interpretation of Section 33(1) of the IBC is that if no resolution plan is

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**Application:** In this case, the court applied the ratio by noting that no resolution plan was

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## Parties

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

## Timeline

- **N/A — Company Petiti…**: Pheonix Industries Limited filed a company petition for the initiation of CIRP against PR…
- **2023-02-01 — CIRP Init…**: The Company Petition was allowed, and CIRP was ordered against the Corporate Debtor. Mr.…

## 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)

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