# In the matter of INDIAN MINING WORKS PRIVATE LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01870. The application was filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Nov 2025
- **Citation:** TCN-2025-NCLT-01870
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/indian-mining-works-private-limited-b871b645

## Summary

### Background

The application was filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016, seeking reliefs related to the liquidation of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 24.02.2020.

The applicant 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 vide order dated 01.7.2024.

AXIS Bank, holding 75.3% share in the CoC, decided to initiate the liquidation process on 11.12.2024.

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

Mr. Sandeep Kumar Kejriwal has consented to act as the Liquidator of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33(2) of the IBC, 2016 allows for liquidation of the Corporate Debtor upon

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**Reasoning:** The resolution plan was rejected by the Tribunal, and the CoC, with requisite voting,

…

**Interpretation:** The Tribunal has limited judicial review in matters of commercial wisdom of the

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**Application:** The Tribunal allowed the application for liquidation of the Corporate Debtor as

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## Parties

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