# In the matter of Utech Engineering Works (India) Private Limited

> NCLT judgment dated 2025-07-07. Citation: TCN-2025-NCLT-00823. Janaseva Sahakari Bank Limited, a secured financial creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 7 Jul 2025
- **Citation:** TCN-2025-NCLT-00823
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/utech-engineering-works-india-private-limited-3fa759ab

## Summary

### Background

Janaseva Sahakari Bank Limited, a secured financial creditor, filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Utech Engineering Works (India) Private Limited due to contravention of the approved resolution plan.

## Facts

The Corporate Debtor, Utech Engineering Works (India) Private Limited, was incorporated on 16.12.1991 and is engaged in the business of manufacturing basic metals like ferro alloys.

A Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25.06.2019, following an application filed by Premium Transmission Private Limited under Section 9 of the Code.

Neelima Anil Bhate was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP) of the Corporate Debtor.

A resolution plan submitted by Ravindra P Birole (SRA) was initially rejected by the Committee of Creditors (CoC) but was later approved by the Tribunal on 11.02.2022.

…

## Issues and analysis

### Issue 1: Whether the failure of the Successful Resolution Applicant (SRA) to adhere to the payment terms of …

**Ratio:** Yes, the failure to adhere to the

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**Reasoning:** Section 33(3) of the IBC allows any person other than the corporate debtor, whose

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**Interpretation:** The provision is interpreted to mean that any deviation from the approved

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**Application:** In this case, the SRA's failure to make payments as per the stipulated schedule

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Janaseva Sahakari…
- **Respondents:** Utech Engineering…; Ravindra P.…; +2 more
- **Other parties:** Rajesh S…; Premium Transmissi…
- **Advocates:** Avinash R.…; Surekha…; +3 more

## Timeline

- **2018-N/A — Filing of CP (IB)…**: CP (IB) 2476/MB/2018 was filed under Section 9 of the Code by one of the Operational…
- **2019-06-25 — Commencement…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was commenced vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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