# In the matter of Ramkar Steel Rerolling Private Limited

> NCLT judgment dated 2023-10-12. Citation: TCN-2023-NCLT-01257. The case pertains to the insolvency resolution and subsequent liquidation of Ramkar Steel…

- **Court:** NCLT
- **Order date:** 12 Oct 2023
- **Citation:** TCN-2023-NCLT-01257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramkar-steel-rerolling-private-limited-92fbe67a

## Summary

### Background

The case pertains to the insolvency resolution and subsequent liquidation of Ramkar Steel Re-Rolling Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal on 2019-02-06. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). However, the Committee of Creditors (CoC) resolved on 2019-06-27 to liquidate the Corporate Debtor as it was not earning much and no prospective resolution applicant was interested in submitting a resolution plan. The liquidation was ordered on 2019-07-25, and the applicant was appointed as the liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Ramkar Steel Re-Rolling Private Limited was initiated on 2019-02-06. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). On 2019-06-27, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor due to a lack of earnings and interest from prospective resolution applicants. The liquidation was ordered on 2019-07-25, and the applicant was appointed as the liquidator. A public announcement was made on 2019-07-30, inviting claims from stakeholders. Indian Bank filed a claim as the sole stake holder. An e-auction was conducted on 2019-11-23, with Arihant Enterprise declared the successful bidder at Rs.33 lakhs. The liquidator issued a

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## Issues and analysis

### Issue 1: Whether the assets of the corporate debtor have been completely liquidated as per the provisions of …

**Ratio:** Section 54(1) of the IBC, 2016 states that where the assets of the corporate debtor have

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**Reasoning:** The Tribunal reviewed the final report and Compliance Certificate filed in Form-H by the

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**Interpretation:** Section 54(1) mandates that once all assets are liquidated, the liquidator must

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**Application:** In this case, the Tribunal determined that all assets of Ramkar Steel

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** J. Kart…
- **Respondents:** Ramkar Steel…

## Timeline

- **2019-02-06 — CIRP Init…**: CIRP of the Corporate Debtor…
- **2019-06-27 — CoC Meet…**: In the fourth Committee of Creditors meeting, it was resolved that the Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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