# In the matter of RMA Metals & Alloys Private Limited

> NCLT judgment dated 2025-03-05. Citation: TCN-2025-NCLT-00392. The case involves an application (IA(IBC)/1616(CHE)/2023) filed in IBA/315/2020 under Section…

- **Court:** NCLT
- **Order date:** 5 Mar 2025
- **Citation:** TCN-2025-NCLT-00392
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rma-metals-alloys-private-limited-c0f3f2fa

## Summary

### Background

The case involves an application (IA(IBC)/1616(CHE)/2023) filed in IBA/315/2020 under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mr. K. J. Vinod, the Resolution Professional (RP) of RMA Metals & Alloys Private Limited, the Corporate Debtor (CD). The RP sought orders for the liquidation of the corporate debtor as per section 33(2) of the Code and the appointment of Mr. Ramachandran Subramanian as the liquidator, as resolved by the committee of creditors (CoC) during its 3rd meeting held on 16.03.2023. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) on 09.12.2022, and Mr. K. J. Vinod was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as RP. The main land asset of the CD was sold under

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## Facts

RMA Metals & Alloys Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 09.12.2022. Mr. K. J. Vinod was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The main land asset of the Corporate Debtor (CD) was sold under E-auction on 26.02.2021 by Canara Bank under the SARFAESI Act, 2002. The Committee of Creditors (CoC) decided to liquidate the CD due to the absence of viable assets for realization, except for plant and machinery. The 3rd CoC meeting resolved to liquidate the CD and recommended the appointment of Mr. Ramachandran Subramanian as the liquidator. The applicant, Mr. K. J. Vinod, filed an application seeking the liquidation of the CD and the appointment of Mr.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, RMA Metals & Alloys Private …

**Ratio:** Section 33(2) of the Insolvency & Bankruptcy Code, 2016, allows for the liquidation

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**Reasoning:** The CoC decided to liquidate the Corporate Debtor due to the absence of viable assets for

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**Interpretation:** Section 33(2) provides the legal basis for the CoC's decision to liquidate the

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**Application:** The CoC's decision, coupled with the expiration of the CIRP period and the lack

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Vinod…
- **Respondents:** RMA Metals &…

## Timeline

- **2020-01-01 — IBA/315/…**: The case is registered…
- **2021-02-26 — E-auction…**: Main land asset of the CD was sold under E-auction sale conducted by Canara Bank under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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