# In the matter of INDIAN MINING WORKS PRIVATE LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01706. The case pertains to an application filed under Section 33(1)(a), 33(2) & 34(1) of the…

- **Court:** NCLT
- **Order date:** 13 Nov 2025
- **Citation:** TCN-2025-NCLT-01706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/indian-mining-works-private-limited-86062974

## Summary

### Background

The case pertains to an application filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Indian Mining Works Private Limited.

## Facts

CIRP was initiated against Indian Mining Works Private Limited on 24.02.2020.

Sandip Kumar Kejriwal was appointed as the Interim Resolution Professional (IRP).

The CoC approved a resolution plan with 100% voting on 04.7.2022.

The Tribunal rejected the resolution plan on 01.7.2024.

Axis Bank, holding 75.3% share, decided to initiate the liquidation process on 11.12.2024.

SREI holding 24.7% share did not respond to the liquidation proposal.

The CoC decided to liquidate the Corporate Debtor immediately and passed the necessary resolutions.

The Tribunal ordered the liquidation of the Corporate Debtor as per Section 33(2) of IBC, 2016.

Sandeep Kumar Kejriwal was appointed as the Liquidator of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the CoC's decision to liquidate …

**Ratio:** The Hon'ble Supreme Court in the matter of K. Sashidhar Versus Indian Overseas Bank &

…

**Reasoning:** The CoC with 75.3% majority voting has passed the resolution seeking liquidation of the

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**Interpretation:** The Tribunal has very limited judicial review in such matters of commercial

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**Application:** The Bench allows the present application and passes order for liquidation of

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Sandip Kumar…
- **Respondents:** Indian Mining…
- **Other parties:** Variant Commercial…
- **Advocates:** Shaunak…; Shaunak…

## Timeline

- **2020-02-24 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2020-02-29 — Public Annou…**: Public announcement about initiation of the CIRP and calling of the claims was published…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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