# In the matter of Tayo Rolls Limited

> NCLT judgment dated 2024-12-17. Citation: TCN-2024-NCLT-00049. The case involves multiple IAs (Intervention Applications) filed in relation to the Corporate…

- **Court:** NCLT
- **Order date:** 17 Dec 2024
- **Citation:** TCN-2024-NCLT-00049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tayo-rolls-limited-186d7ae6

## Summary

### Background

The case involves multiple IAs (Intervention Applications) filed in relation to the Corporate Insolvency Resolution Process (CIRP) of Tayo Rolls Limited. The CIRP was initiated based on a petition filed by Suresh Narayan Singh, an Operational Creditor. The applications primarily concern the constitution of the Committee of Creditors (CoC), the eligibility of the Resolution Professional (RP), and the claims of various creditors, particularly Jharkhand Bijli Vitran Nigam Limited (JBVNL) and the workmen of Tayo Rolls Limited. The IAs are being considered analogously due to their interrelation.

## Facts

Suresh Narayan Singh, an Operational Creditor, filed a Company Petition (C.P. (IB) No. 701/KB/2017) against Tayo Rolls Limited (Corporate Debtor) to initiate CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on April 5, 2019. Vinita Agarwal was initially appointed as the Interim Resolution Professional (IRP), but later replaced by Anish Agarwal through a CoC resolution on July 27, 2019, approved by the Adjudicating Authority on October 30, 2019. Suresh Narayan Singh, representing 284 workers of Tayo Rolls Limited, filed I.A. (IB) No. 69/KB/2020, I.A. (IB) No. 33/KB/2020, and I.A. (IB) No. 167/KB/2020, seeking adjudication of creditor claims, restoration of time lost without CIRP, and determination of the RP's eligibility. The

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## Issues and analysis

### Issue 1: Whether JBVNL's claim is a contingent …

**Ratio:** A claim becomes crystallized when the liability is established and quantified. A

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**Reasoning:** The Hon'ble High Court of Jharkhand vide order dated 02.04.2013 in WPC 852 of 2000 had

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**Interpretation:** The court interprets the concept of contingent liability in the context of the

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**Application:** The court applied the ratio to the facts, noting that the liability of the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Suresh Narayan…
- **Respondents:** Tayo Rolls…; Anish Ag…; +1 more

## Timeline

- **2017-01-01 — Filing of Company…**: Mr. Suresh Narayan Singh filed C.P. (IB) No. 701/KB/2017 against Tayo Rolls Limited to…
- **2019-04-05 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition, initiating CIRP for Tayo Rolls…

## 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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