# In the matter of SSB Structural & Galvanising Private Limited

> NCLT judgment dated 2024-09-19. Citation: TCN-2024-NCLT-00581. The case involves an application filed by the Resolution Professional under Section 60(5) of…

- **Court:** NCLT
- **Order date:** 19 Sept 2024
- **Citation:** TCN-2024-NCLT-00581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ssb-structural-galvanising-private-limited-c30113b0

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation for M/s.SSB Structural and Galvanising Private Limited, the Corporate Debtor (CD). The Adjudicating Authority had previously admitted a Company Petition and appointed an Interim Resolution Professional (IRP). The IRP faced non-cooperation from the sole Committee of Creditors (COC) member and the promoters of the CD, hindering the Corporate Insolvency Resolution Process (CIRP). The IRP also filed applications seeking directions to the COC member and exclusion of time from the CIRP period.

## Facts

The Resolution Professional (RP) filed an application seeking liquidation of M/s.SSB Structural and Galvanising Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed. The IRP faced significant non-cooperation from the sole member of the Committee of Creditors (COC) and the promoters of the Corporate Debtor. The COC member showed unwillingness to attend meetings and pass resolutions. The IRP was unable to update the Information Memorandum due to lack of information from the suspended directors. The COC did not approve publication expenses for Form G. The IRP sought directions from the Tribunal to compel cooperation from the COC member. The last date for completion

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor should be allowed due to the …

**Ratio:** Section 33 of the IBC, 2016 allows for the initiation of liquidation proceedings when the

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**Reasoning:** The Tribunal reasoned that despite all possible steps taken during the CIRP, the CoC did

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**Interpretation:** Section 33 provides a mechanism for transitioning from CIRP to liquidation when

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**Application:** The Tribunal applied Section 33 to the facts of the case, noting the failure of

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Theegala Venkatesw…
- **Respondents:** SSB Structural &…; SSB Structural &…

## Timeline

- **2019-01-01 — Company Pe…**: CP(IB) No. 720/9/HDB/201…
- **2021-07-28 — Admission of Company…**: Adjudicating Authority admitted the Company Petition bearing CP (IB) No.720/9/HDB/2019…

## 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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