# Corporation Bank vs. M/s Clover Forging and Machining Pvt. Ltd.

> NCLT judgment dated 2020-01-02. Citation: TCN-2026-NCLT-01200. Corporation Bank, a Financial Creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2026-NCLT-01200
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/clover-forging-machining-private-limited-k6ta3

## Summary

### Background

Corporation Bank, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Clover Forging and Machining Pvt. Ltd. (Corporate Debtor). Mr. Rohit Mehra was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). A Committee of Creditors (CoC) was constituted.

## Facts

Corporation Bank, as Financial Creditor, filed Company Petition No. (IB)-1120(ND)/2018 under Section 7 of the IBC, 2016, for initiation of CIRP against M/s. Clover Forging and Machining Pvt. Ltd. (Corporate Debtor).

The application was admitted by the Tribunal on 04.12.2018, and Mr. Rohit Mehra was appointed as Interim Resolution Professional (IRP).

Mr. Rohit Mehra, as IRP, made a public announcement in Form-A on 09.12.2018, which was also uploaded on the IBBI website.

A Committee of Creditors (CoC) was constituted, comprising State Bank of India, Dena Bank (now Bank of Baroda), Andhra Bank, Indian Overseas Bank, Corporation Bank, and Indian Bank.

Mr. Rohit Mehra was confirmed as Resolution Professional (RP) of the Corporate Debtor on 18.01.2019.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Clover Forging and Machining Private Limited, should be ordered …

**Ratio:** Liquidation is ordered when no viable resolution plan is received or approved by the CoC,

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**Reasoning:** No resolution plan was received within the deadline. The only offer received was

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**Interpretation:** Sections 33(1)(a) and 33(2) of the IBC, 2016, empower the Adjudicating

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**Application:** Given the failure to receive an acceptable resolution plan and the CoC's

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## Parties

- **Judges:** Ina Mal…; Shri. L. N.…; +2 more
- **Appellants:** Corporatio…; Rohit M…
- **Respondents:** M/s Clover…
- **Other parties:** State Bank of…; Dena Bank (Now…; +4 more
- **Advocates:** Tine Ab…; Akshay…; +1 more

## Timeline

- **2018-12-04 — CIRP Application…**: Company Petition No. (IB)-1120(ND)/2018 filed by Corporation Bank was admitted, and Mr.…
- **2018-12-09 — Public Announcement by…**: The Interim Resolution Professional (IRP) made a public announcement in Form-A, which was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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