# Sanjai Kumar Gupta, RP of Apex Steel Private Limited vs. Apex Steel Private Limited

> NCLT judgment dated 2026-08-19. Citation: TCN-2026-NCLT-00892. Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Apex…

- **Court:** NCLT
- **Order date:** 19 Aug 2026
- **Citation:** TCN-2026-NCLT-00892
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sanjai-kumar-gupta-rp-of-apex-steel-private-limited-vs-apex-steel-private-limite-3xu1s

## Summary

### Background

Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Apex Steel Private Limited, leading to the appointment of Mr. Sanjai Kumar Gupta as the Resolution Professional (RP). The Committee of Creditors (CoC), with Indian Overseas Bank as the sole member, was formed. Despite multiple attempts, including joint Form G publications and several extensions to the CIRP period, no viable resolution plan was approved. A significant challenge involved intermingled assets of the Corporate Debtor with its sister concern, Krish Ispat Private Limited, and a dispute over Krish Ispat's leasehold land, which was mortgaged to Indian Overseas Bank and faced auction/lease cancellation.

## Facts

Indian Overseas Bank filed an application under Section 7 of the IBC against Apex Steel Private Limited.

The Corporate Debtor, Apex Steel Private Limited, was admitted into CIRP on 10.10.2023.

An Interim Resolution Professional was initially appointed, and subsequently, Mr. Sanjai Kumar Gupta was appointed as the Resolution Professional on 18.12.2023.

The Committee of Creditors (CoC) was constituted with Indian Overseas Bank as the sole member, holding 100% voting share.

The RP faced challenges in obtaining necessary information and documents from the suspended Board of Directors, leading to a pending application under Section 19(2) of the Code.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Apex Steel Private Limited, should be ordered for liquidation under …

**Ratio:** The Adjudicating Authority shall pass a liquidation order if the Committee of Creditors,

…

**Reasoning:** The CoC, in its 37th meeting held on 06.01.2026 and 13.01.2026, approved the resolution

…

**Interpretation:** Section 33(2) of the IBC empowers the Adjudicating Authority to order

…

**Application:** Since the CoC of Apex Steel Private Limited unanimously resolved to liquidate

…

## Parties

- **Judges:** Shri. Labh…; Rekha Kantilal…
- **Appellants:** Sanjai Kumar…; Sanjai Kuma…
- **Respondents:** Apex Steel…
- **Other parties:** Indian Overseas…; Mrs Rachna…
- **Advocates:** Rahul A…; Aditya G…

## Timeline

- **2023-10-10 — CIRP Admi…**: Corporate Debtor, Apex Steel Private Limited, was admitted into CIRP based on an…
- **2023-12-09 — Initial Form G…**: The Resolution Professional initially published Form G inviting Expressions of Interest…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/sanjai-kumar-gupta-rp-of-apex-steel-private-limited-vs-apex-steel-private-limite-3xu1s