# In the matter of Vindyavasini Steel Products Private Limited

> NCLT judgment dated 2023-10-17. Citation: TCN-2023-NCLT-01152. The case involves an application for the liquidation of Vindhyavasini Steel Products Private…

- **Court:** NCLT
- **Order date:** 17 Oct 2023
- **Citation:** TCN-2023-NCLT-01152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vindyavasini-steel-products-private-limited-994f727c

## Summary

### Background

The case involves an application for the liquidation of Vindhyavasini Steel Products Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the company after State Bank of India, the 'Financial Creditors', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. Despite inviting Expression of Interest (EoI) from prospective resolution applicants, no successful resolution applicants were found. Consequently, the Committee of Creditors (CoC) resolved to initiate liquidation proceedings.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Vindhyavasini Steel Products Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted by the Tribunal. An Interim Resolution Professional was appointed and later confirmed as Resolution Professional. The Resolution Professional published Form G, inviting Expression of Interest (EoI) from prospective resolution applicants. However, no successful resolution applicants emerged. The Committee of Creditors (CoC) then resolved to initiate liquidation proceedings against the Corporate Debtor with 100% voting. The application for liquidation was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Tribunal

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Vindhyavasini Steel Products …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Tribunal considered the fact that no successful resolution applicants were found

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**Interpretation:** Section 33(2) provides a clear pathway for liquidation when resolution efforts

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**Application:** In this case, the absence of resolution applicants and the CoC's unanimous

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** State Bank of…
- **Respondents:** Vindyavasini…

## Timeline

- **2020-01-01 — Company Petiti…**: C.P.(IB)-43(MB)/2020 filed under Section…
- **2023-04-12 — Admission of Petition…**: Tribunal admitted the petition and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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