# In the matter of Shree Sai Rolling Mills (India) Pvt. Ltd.

> NCLT judgment dated 2023-12-06. Citation: TCN-2023-NCLT-00408. The case involves Corporate Insolvency Resolution Processes (CIRP) of three sister companies:…

- **Court:** NCLT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLT-00408
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-sai-rolling-mills-india-pvt-ltd-5a98a786

## Summary

### Background

The case involves Corporate Insolvency Resolution Processes (CIRP) of three sister companies: Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited. The CIRP was initiated following an order by the Tribunal on 2019-08-23. Appeals were filed before the NCLAT and subsequently the Supreme Court, which remanded the matters back to NCLAT for fresh adjudication. The Tribunal admitted the Company Petitions on 2023-09-30. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement and invited expressions of interest (EOI) for resolution plans. Despite multiple extensions, no EOI was received. A resolution plan

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated for Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited following an order by the NCLT on 2019-08-23. The Corporate Debtors (CD) appealed to the NCLAT, which allowed their appeals on 2020-06-18. The Financial Creditor (FC) then approached the Supreme Court, which allowed the appeals in favor of the FC on 2022-07-14 and remanded the matters back to NCLAT. The NCLAT dismissed the CD's appeals on 2022-09-02, and the NCLT admitted the company petitions on 2023-09-30. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement on 2022-10-07.

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## Issues and analysis

### Issue 1: Whether the CoC's decision to approve both a resolution plan and liquidation in the same meeting is …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) requires the CoC to act with due diligence and

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**Reasoning:** The Tribunal observed that the minutes of the 12th CoC meeting revealed a contradictory

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**Interpretation:** The IBC aims to maximize the value of assets and promote resolution over

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**Application:** In this case, the Tribunal found that the CoC's contradictory decisions

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## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Appellants:** Rajiv Kumar…
- **Respondents:** Shree Sai Rolling…; Punjab National…
- **Advocates:** Suraj S…; Amit Pa…

## Timeline

- **2019-08-23 — Tribunal…**: Tribunal initiated Corporate…
- **2020-06-18 — NCLAT Or…**: NCLAT allowed appeals filed…

## 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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