# In the matter of SAV Steels Private Limited

> NCLT judgment dated 2023-12-20. Citation: TCN-2023-NCLT-00107. The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Dec 2023
- **Citation:** TCN-2023-NCLT-00107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sav-steels-private-limited-0cc4ac35

## Summary

### Background

The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of SAV Steels Private Limited, the Corporate Debtor, seeking initiation of liquidation proceedings. The Corporate Insolvency Resolution Process (CIRP) was initiated against SAV Steels Private Limited based on a petition filed by the Financial Creditor, State Bank of India, under Section 7 of the IBC. The CIRP commenced on October 28, 2022. The Interim Resolution Professional (IRP) was appointed and public announcements were made to invite claims from creditors. Despite these efforts, no resolution plan was received, and the Committee of Creditors (CoC) advised the IRP to apply for liquidation.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against SAV Steels Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on October 28, 2022. Mr. Uday Narayan Mitra was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors, with the last date for submission being November 11, 2022. State Bank of India was the sole financial creditor, forming the Committee of Creditors (CoC). The IRP held six CoC meetings between November 25, 2022, and April 17, 2023. The IRP published Form G twice to invite expression of interest, but received no response. The CIRP period expired on January 1, 2023, without any resolution plan being received. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, SAV Steels Private Limited, should …

**Ratio:** Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The Adjudicating Authority reasoned that since no resolution plan was received within the

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the CIRP period expired on January 1, 2023, without any

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Mr.Sanjai Kumar…
- **Respondents:** SAV Steels…
- **Advocates:** Rahul A…; Aditya G…

## Timeline

- **2022-10-28 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against SAV Steels Private…
- **2022-10-31 — Public Annou…**: Public announcement in Form A published in 'Financial Express' and 'Ekdin' inviting…

## Legal provisions

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

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