# In the matter of S K P Steel Industries Private Limited IA (IB) No. 305-KB-2022 in CP (IB) No. 2171-KB-2019

> NCLT judgment dated 2022-05-10. Citation: TCN-2022-NCLT-02803. The case involves an application filed by the Resolution Professional (RP) of SKP Steel…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-02803
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-k-p-steel-industries-private-limited-ia-ib-no-305-kb-2022-in-cp-ib-no-2171-kb-21f712fe

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of SKP Steel Industries Private Limited, with the approval of the Committee of Creditors (CoC), seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against SKP Steel Industries Private Limited following a petition filed by Parag Sales Corporation under section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Uday Narayan Mitra was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Soumitra Lahiri, the current applicant, as the Resolution Professional (RP).

## Facts

SKP Steel Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following a petition by Parag Sales Corporation under Section 9 of the Insolvency and Bankruptcy Code (IBC). Uday Narayan Mitra was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Soumitra Lahiri as the Resolution Professional (RP). Public announcement of the CIRP was made on February 11, 2021, in Financial Express and Ekdin newspapers. The Committee of Creditors (CoC) was duly constituted with seven financial creditors. Two resolution plans were received but deemed unsatisfactory by the CoC. The CIRP period was set to end on May 4, 2022. In a meeting dated March 9, 2022, the CoC, with a 94.94% voting share, approved the liquidation

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, SKP Steel Industries Private …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor with a

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**Interpretation:** Section 33(2) provides a clear mechanism for liquidation when the CoC, with the

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**Application:** In this case, the CoC, with a 94.94% voting share, approved the liquidation of

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Darkwell Merchandi…
- **Respondents:** SKP Steel…

## Timeline

- **2021-02-08 — Order for CIRP…**: Adjudicating Authority directed initiation of CIRP against the Corporate Debtor based on…
- **2021-02-11 — Public Annou…**: Public announcement of the CIRP was made in…

## 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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