# In the matter of Splendid Metal Products Limited

> NCLT judgment dated 2024-09-12. Citation: TCN-2024-NCLT-00604. The case involves an application filed under Section 33(3) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Sept 2024
- **Citation:** TCN-2024-NCLT-00604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/splendid-metal-products-limited-61418699

## Summary

### Background

The case involves an application filed under Section 33(3) of the Insolvency and Bankruptcy Code (IBC) by the Chairman of the Monitoring Committee and the Erstwhile Resolution Professional (RP) of Splendid Metal Products Limited, the Corporate Debtor (CD), seeking orders for the liquidation of the CD. The Resolution Plan, which was approved by the Tribunal, was not implemented by the Successful Resolution Applicants (SRAs). Punjab National Bank, the Financial Creditor, had initiated the Corporate Insolvency Resolution Process (CIRP) against the CD, which was admitted by the Tribunal on April 4, 2019. An Interim Resolution Professional (IRP) was appointed, who issued a public announcement and appointed valuers for the CD's assets. The Committee of Creditors (CoC)

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## Facts

Punjab National Bank initiated CIRP against Splendid Metal Products Limited, which was admitted on 2019-04-04. An IRP was appointed, and later, the CoC appointed the IRP as RP. The RP invited EoIs, and the Respondent, along with Antanium Holdings Pte Ltd, submitted a Resolution Plan approved by the CoC and the Tribunal on 2021-04-08. The Resolution Applicants paid the first installment of Rs 60 crores but defaulted on the second installment of Rs 50 crores, which was due on 2022-06-18. The cure period ended on 2022-09-16, but the payment was not made. The Co-Resolution Applicant filed for liquidation under Singapore law. The RP filed an application seeking liquidation of the CD. The SRAs paid the second tranche of Rs 50 crores in five installments by 2024-03-31, after

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## Issues and analysis

### Issue 1: Whether the non-implementation of the approved Resolution Plan by the Successful Resolution …

**Ratio:** Section 33(3) of the IBC allows any person, other than the corporate debtor, whose

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**Reasoning:** The Tribunal noted that the SRAs had repeatedly failed to meet the deadlines for making

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**Interpretation:** Section 33(3) of the IBC is interpreted to mean that liquidation can be

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**Application:** In this case, the Tribunal found that the RP had not adequately demonstrated

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Punjab National…
- **Respondents:** Splendid Metal…

## Timeline

- **2019-04-04 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) initiated against Splendid Metal Products…
- **2019-04-17 — Public Annou…**: Interim Resolution Professional (IRP) issued public announcement calling upon creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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