# In the matter of Shree Sanyeeji Steel & Power Limited

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02346. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02346
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-sanyeeji-steel-power-limited-6dd0ea10

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. State Bank of India (SBI) filed the application against Shree Sanyeeji Steel & Power Limited (in Liquidation). The application seeks various reliefs, including the discharge of the official liquidator from the High Court of Calcutta, the appointment of Mr. Sanjai Kumar Gupta as the liquidator, and the extension of the liquidation period. The Respondent Company was initially ordered to be wound up by the High Court of Calcutta in 2012, and the proceedings were later transferred to the NCLT.

## Facts

Sukamal Biswas, a creditor, initiated Company Petition No. 42 of 2012 against Shree Sanyeeji Steel & Power Limited under the Companies Act, 1956. The High Court admitted the petition on 03.12.2012, ordering the company to be wound up and directing the Official Liquidator to take control of assets. State Bank of India (SBI), a secured creditor, filed CA No. 10/2022 seeking the transfer of CP No. 42/2012 to the NCLT, which was approved on 09.09.2022. SBI's claim against the company is Rs. 2,09,85,18,317/- as of 20.02.2023. SBI initiated SARFAESI proceedings in 2015, taking possession of the registered office on 13.04.2022. The Official Liquidator's report indicated four secured creditors: SBI, Canera Bank, Punjab National Bank, and Kotak Mahindra Bank Ltd. The High

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## Issues and analysis

### Issue 1: Whether the proceedings before the Adjudication Authority can be continued from the stage of …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) emphasizes resolution over liquidation. IBC does

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**Reasoning:** The NCLT reasoned that allowing the proceedings to continue from the liquidation stage

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**Interpretation:** The IBC is interpreted to promote the revival and restructuring of distressed

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**Application:** The NCLT applied this principle by rejecting the Applicant's request to

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** Shree Sanyeeji…; Shree Sanyeeji…

## Timeline

- **2012-12-03 — High Court…**: The High Court of Calcutta admitted Company Petition No 42 of 2012 and ordered Shree…
- **2022-09-09 — Transfer…**: The High Court of Calcutta ordered the…

## 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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