# In the matter of RS Ingot and Billet Private Limited I.A. 499-2022 in Company Petition No. (IB) - 274(PB) -2019

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-04843. The case pertains to an application filed by the Resolution Professional under Section 33(2) of…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-04843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/rs-ingot-and-billet-private-limited-ia-499-2022-in-company-petition-no-ib-274pb-81b856b9

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, RS Ingot and Billet Private Limited.

## Facts

Central Bank of India filed an application under Section 7 of the IBC, leading to the initiation of CIRP against RS Ingot and Billet Private Limited.

Mr. Shravan Kumar Vishnoi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

Several CoC meetings were held to explore resolution plans, but none were approved by the CoC.

The CoC directed the RP to file an application before NCLT under section 12 of the IBC for the extension of the CIRP period by 90 days beyond 180 days.

The CoC decided with 100% vote share to liquidate the Corporate Debtor and authorized the Resolution Professional to make an application for the Liquidation.

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(2) of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 33(2) of the IBC allows for the initiation of liquidation proceedings when no

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**Reasoning:** The CoC resolved to liquidate the Corporate Debtor with a 100% vote share after failing

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**Interpretation:** The Tribunal interpreted Section 33(2) as providing the legal basis for

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**Application:** The Tribunal applied Section 33(2) to the facts of the case, where no

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## Parties

- **Judges:** DHARMINDER…; AVINASH K.…
- **Appellants:** Shravan Kumar…
- **Respondents:** RS Ingot and…
- **Other parties:** Central Bank of…; Punjab National…; +1 more

## Timeline

- **2019-07-31 — CIRP Init…**: The Tribunal admitted the application…
- **2019-08-29 — 1st CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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