# In the matter of Shree Oshiya Ferro Alloys Pvt. Ltd. IA 1774-2021 in C.P. (IB)-2131(MB)2019

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03353. The case involves an application filed by Mr. Rajkumar Mahto, the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-oshiya-ferro-alloys-pvt-ltd-ia-1774-2021-in-cp-ib-2131mb2019-992c1bf6

## Summary

### Background

The case involves an application filed by Mr. Rajkumar Mahto, the Resolution Professional, seeking the liquidation of Shree Oshiya Ferro Alloys Private Limited, referred to as the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by Mehsons Steel Private Limited, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) approved the liquidation of the company as no resolution plan was received after the issuance of the Expression of Interest.

## Facts

On 2020-01-16, a petition filed by Mehsons Steel Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, was admitted, initiating the Corporate Insolvency Resolution Process (CIRP) against Shree Oshiya Ferro Alloys Private Limited (Corporate Debtor). Mr. Rajkumar Mahto was appointed as the Interim Resolution Professional (IRP). An advertisement for invitation of claims by creditors was published on 2020-01-22. The Form-G invitation for Expression of Interest (EOI) was published on 2020-10-05, but no Expression of Interest was received. The Committee of Creditors (CoC) approved the liquidation of the company in its meeting held on 2021-05-21, as no resolution plan was received. The CoC comprised a single member, Mehsons Steel Private Limited, the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Shree Oshiya Ferro Alloys Private Limited should be …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Committee of Creditors (CoC) approved the liquidation of Shree Oshiya Ferro Alloys

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**Interpretation:** Section 33(1) provides a mechanism for liquidation when the CIRP fails to

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**Application:** In this case, the CoC, consisting of a single member, Mehsons Steel Private

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## Parties

- **Judges:** KISHORE VEMULAPALL…; RAJESH S…
- **Appellants:** Rajkumar…
- **Respondents:** Shree Oshiya…; Mehsons Steel…

## Timeline

- **2020-01-16 — Admission of…**: Company Petition No. 2131 of 2019 filed by Mehsons Steel Private Limited under Section 9…
- **2020-01-22 — Advertisement f…**: Advertisement for invitation of claim by Creditors was published in Free Press Journal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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