# In the matter of Shyama Iron & Alloys Private Limited

> NCLT judgment dated 2023-04-18. Citation: TCN-2023-NCLT-03759. The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLT-03759
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shyama-iron-alloys-private-limited-98337320

## Summary

### Background

The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Shyama Iron and Alloys Private Limited, the Corporate Debtor, seeking liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Chaitanya Alloys Private Limited, the Financial Creditor, under Section 7 of the IBC. Mr. Sushanta Kumar Choudhury was appointed as the Interim Resolution Professional (IRP). Public announcements were made inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution process.

## Facts

Chaitanya Alloys Private Limited initiated CIRP against Shyama Iron and Alloys Private Limited under Section 7 of the IBC. Sushanta Kumar Choudhury was appointed as the IRP. Public announcements were made to invite claims from creditors. The CoC was formed, and several meetings took place. The CoC confirmed the continuation of the IRP as the RP. An Information Memorandum (IM) was circulated to the CoC members. The claims of the Commissioner of Commercial Taxes, Govt. of West Bengal, were revised. Registered valuers were appointed for valuation of securities and Financial Assets (SFA). Consultants were appointed to assist the RP in accounting, taxation, and filing of returns. Form G was published to invite Expression of Interest (EoI), but no resolution plan was

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an order of liquidation under Section 33(1)(a) of …

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

…

**Reasoning:** The court reasoned that the absence of a resolution plan within the CIRP period triggers

…

**Interpretation:** Section 33(1)(a) is interpreted as a mandatory provision that leaves the

…

**Application:** Since no resolution plan was received for Shyama Iron and Alloys Private

…

## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Shyama Iron &…

## Timeline

- **2021-11-18 — Initiation…**: The Adjudicating Authority ordered the initiation of CIRP against Shyama Iron and Alloys…
- **2021-11-20 — Public Annou…**: Public announcement was published in "Aajkal"…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shyama-iron-alloys-private-limited-98337320