# 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-02795. 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-02795
- **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-81fb4b54

## 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 the Corporate Debtor 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), later replaced by Mr. Soumitra Lahiri. The CIRP period expired without any approved resolution plan, leading the CoC to approve liquidation with a 94.94% voting share.

## Facts

SKP Steel Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following a petition by Parag Sales Corporation. The CIRP was initiated 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. A public announcement regarding the CIRP was made on February 11, 2021, in the Financial Express and Ekdin newspapers. The Committee of Creditors (CoC) was duly constituted with seven financial creditors. The CoC, in its meeting on April 13, 2021, resolved to replace the IRP with Mr. Soumitra Lahiri. The applicant received two resolution plans, but the CoC found them unsatisfactory in its meeting on March 9,

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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 court reasoned that the CIRP period had expired, and no resolution plan was approved

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when the CIRP fails to

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**Application:** In this case, the CIRP period expired without an approved resolution plan. The

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## Parties

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

## Timeline

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

## 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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