# In the matter of UTECH ENGINEERING WORKS (INDIA) PVT LTD

> NCLT judgment dated 2025-07-07. Citation: TCN-2025-NCLT-00824. Janaseva Sahakari Bank Limited, a secured financial creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 7 Jul 2025
- **Citation:** TCN-2025-NCLT-00824
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/utech-engineering-works-india-pvt-ltd-09cd0a78

## 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 by the Successful Resolution Applicant (SRA).

## Facts

The Corporate Debtor, Utech Engineering Works (India) Private Limited, is a private limited company incorporated on 16.12.1991, engaged in the manufacture of 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 Interim Resolution Professional and later as Resolution Professional.

Ravindra P. Birole, the Successful Resolution Applicant (SRA), submitted a Resolution Plan that was initially rejected by the Committee of Creditors (CoC) but later approved by the Tribunal.

The effective date of the resolution plan was 22.02.2022.

…

## Issues and analysis

### Issue 1: Whether the Successful Resolution Applicant (SRA) contravened the terms of the approved Resolution …

**Ratio:** Section 33(3) of the IBC allows for an application for liquidation if the resolution plan

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**Reasoning:** The Tribunal observed that the SRA failed to make payments as per the stipulated time

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**Interpretation:** The Tribunal interpreted the SRA's failure to adhere to the payment schedule as

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**Application:** The Tribunal applied Section 33(3) of the IBC, concluding that the SRA's

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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

- **2019-06-25 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-02-11 — Resolution Plan…**: Resolution Plan submitted by Ravindra P. Birole was approved by the Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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