# In the matter of Anagha Steel Marketing Limited

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-05405. The application I.A. 2704/2023 was filed by the Resolution Professional, Mr. Atul Mehta,…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-05405
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/anagha-steel-marketing-limited-c8036237

## Summary

### Background

The application I.A. 2704/2023 was filed by the Resolution Professional, Mr. Atul Mehta, seeking liquidation of Anagha Steel Marketing Limited, the Corporate Debtor, under Section 33 of the Insolvency and Bankruptcy Code, 2016.

## Facts

An application under Section 10 of the IBC, 2016 was filed by Anagha Steel Marketing Limited for initiating Corporate Insolvency Resolution Process (CIRP).

The Tribunal initiated CIRP against the Corporate Debtor on December 23, 2022, and appointed Mr. Atul Mehta as the Interim Resolution Professional (IRP).

The IRP made a public announcement on January 13, 2023, inviting creditors to submit their claims.

The IRP received claims from two Financial Creditors and constituted a Committee of Creditors (CoC).

The CoC unanimously passed a resolution for the appointment of IRP as the Resolution Professional on February 9, 2023.

The Resolution Professional appointed M/s Arun Agarwal and Associates to carry out Transaction Audit.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor under Section 33 of the Insolvency …

**Ratio:** The CoC, with 99.98% majority, decided

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**Reasoning:** The CIRP period ended without a resolution plan, and the CoC, in its commercial wisdom,

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**Interpretation:** The Tribunal must respect the

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**Application:** The Tribunal allowed the

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Atul M…
- **Respondents:** Anagha Steel…
- **Other parties:** Hemant S…; Surendranat…
- **Advocates:** Shivani…

## Timeline

- **2022-12-23 — Initiation…**: Order for initiation of CIRP of the…
- **2023-01-13 — Public Annou…**: The Applicant made a public announcement in Form A in two newspapers for inviting the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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