# In the matter of SAIBHASKAR IRONS LIMITED

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02280. The case pertains to an application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saibhaskar-irons-limited-66be7a2f

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) seeking liquidation orders for the Corporate Debtor, M/S. SAI BHASKAR IRONS LIMITED. The Corporate Insolvency Resolution Process (CIRP) was initiated after the Company Petition was admitted by the Tribunal on 2023-04-24. The Applicant was appointed as Interim Resolution Professional (IRP). A public announcement was issued, inviting claims from creditors. The IRP established the Committee of Creditors (CoC) and was later appointed as Resolution Professional (RP) in the first CoC meeting held on 2023-06-02 and approved by the Tribunal on 2023-06-19.

## Facts

The Company Petition CP (IB)/252/9/HDB/2021 against M/S. SAI BHASKAR IRONS LIMITED was admitted into CIRP on 2023-04-24. The Applicant was appointed as Interim Resolution Professional (IRP). A public announcement was issued on 2023-05-04, inviting claims from creditors. The Committee of Creditors (CoC) was established, and the Applicant was appointed as Resolution Professional (RP) on 2023-06-02, approved by the Tribunal on 2023-06-19. The Applicant issued Public Notice in Form G calling for Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs). The CoC considered the Request For Resolution Plan (RFRP) and draft Evaluation Matrix. The CoC discussed the status of Resolution Plan received and deliberated with the PRA on the deficiencies/shortfalls.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, M/S. SAI BHASKAR IRONS LIMITED, …

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

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**Reasoning:** The CoC, in its commercial wisdom, determined that no viable resolution plan was received

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**Interpretation:** Section 33 of the IBC provides the legal basis for initiating liquidation

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**Application:** In this case, the CoC's decision, coupled with the lack of a viable resolution

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** Dr.K.V.Sr…
- **Respondents:** SAI BHASKAR IRONS…; Sai Bhaskar Irons…

## Timeline

- **2023-04-24 — Admission in…**: The Company Petition CP (IB)/252/9/HDB/2021…
- **2023-04-01 — Appointment…**: The Applicant was appointed as…

## 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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