# In the matter of Modern India Concast Limited I.A. (IB) No. 29-KB-2021 in C.P. (IB) No. 723-KB-2019

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-04943. The case involves an application (I.A. (IB) No. 29/KB/2021) filed in connection with the…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-04943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/modern-india-concast-limited-ia-ib-no-29-kb-2021-in-cp-ib-no-723-kb-2019-fc2fc11f

## Summary

### Background

The case involves an application (I.A. (IB) No. 29/KB/2021) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Modern India Concast Limited (Corporate Debtor) under C.P. (IB) No. 723/KB/2019. The applicant, Samir Kumar Bhattacharyya, the Resolution Professional (later replaced by the Liquidator), sought directions regarding the release of a bank guarantee and fixed deposit related to the Corporate Debtor.

## Facts

Modern India Concast Limited was admitted into CIRP on 22 October 2019.

Jayshree Bhandari was initially appointed as the Interim Resolution Professional.

Samir Kumar Bhattacharyya was appointed as the Resolution Professional on 13 December 2019.

Liquidation process was initiated on 05 January 2021, and Samir Kumar Bhattacharyya was appointed as the Liquidator.

The application sought the release of a bank guarantee and fixed deposit related to the Corporate Debtor.

The Bank Guarantee bearing no. 0562-BG00005-19 dated 05 February 2019 was issued by Punjab and Sind Bank for Rs.12,86,702/- against Bill Entry No. 8739427 dated 05 November 2018.

The Respondents did not enter appearance after 20 April 2021.

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## Issues and analysis

### Issue 1: Whether the duties assessed against Bill Entry No. 8739427 dated 05 November 2018 have been fully …

**Ratio:** The court was unable to assess whether the duties had been fully paid due to the

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**Reasoning:** The court relied on the submissions of the Resolution Professional/Liquidator and the

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**Interpretation:** The court interpreted the lack of response from the Respondents as a potential

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**Application:** The court directed the Customs authorities to assess their records and

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Samir Kumar…
- **Respondents:** Modern India…; The Commissioner…; +3 more
- **Other parties:** Jayshree Bh…; Sanjay Kuma…; +1 more
- **Advocates:** Jishnu Cho…; Vikash…; +5 more

## Timeline

- **2019-10-22 — Admission in…**: Modern India Concast Limited was admitted into Corporate Insolvency Resolution Process…
- **2019-12-13 — Appointment of…**: Samir Kumar Bhattacharyya was…

## 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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