# In the matter of SSMP Industries Limited

> NCLT judgment dated 2023-07-27. Citation: TCN-2023-NCLT-05251. The application was filed under Regulation 38 of the Insolvency and Bankruptcy Board of India…

- **Court:** NCLT
- **Order date:** 27 Jul 2023
- **Citation:** TCN-2023-NCLT-05251
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/ssmp-industries-limited-04884372

## Summary

### Background

The application was filed under Regulation 38 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking permission for the distribution of unsold assets of the Corporate Debtor under Liquidation.

## Facts

The Applicant sought permission to distribute unsold assets to Punjab National Bank, the secured creditor with 99.10% voting rights in the erstwhile CoC.

The Tribunal had previously granted the Applicant liberty to file an application for the distribution of unsold assets to the secured creditor, Punjab National Bank.

The Tribunal had appointed the Applicant as Liquidator to liquidate the Corporate Debtor via an order dated 31/07/2019.

The Corporate Debtor under Liquidation had unsold assets including actionable claims/debtors, intellectual property rights, and land at Chittoor, Andhra Pradesh.

The process to liquidate the Corporate Debtor as a going concern was unsuccessful.

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## Issues and analysis

### Issue 1: Whether the Liquidator fulfilled the duties assigned under the Insolvency and Bankruptcy Code, …

**Ratio:** The Tribunal found that the Liquidator failed to fulfill the duties as assigned under the

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**Reasoning:** The Tribunal observed that the Liquidator's handling of the liquidation process reflected

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**Interpretation:** Regulation 38(2) of the Insolvency and Bankruptcy Board of India (Liquidation

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**Application:** The Liquidator's failure to provide the required details and valuations of the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Impex Services…; Yogesh…
- **Respondents:** SSMP INDUSTRIES…; Punjab National…
- **Advocates:** Yogesh…; Narendra…; +3 more

## Timeline

- **2023-07-27 — Order Pron…**: Order pronounced dismissing…
- **2022-03-17 — Tribunal…**: Tribunal gave liberty to the Applicant to file an application for the distribution of the…

## Legal provisions

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

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