# In the matter of Brand Steel & Power Pvt. Ltd. vs. Avishek Gupta & Ors.

> NCLAT judgment dated 2025-02-18. Citation: TCN-2025-NCLAT-00210. The case involves two appeals challenging orders passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 18 Feb 2025
- **Citation:** TCN-2025-NCLAT-00210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/brand-steel-power-pvt-ltd-vs-avishek-gupta-ors-64b040ac

## Summary

### Background

The case involves two appeals challenging orders passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, approving a Resolution Plan submitted by the Successful Resolution Applicant (SRA) and rejecting an application filed by the Appellant objecting to the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Indian Pulp and Paper Private Limited, commenced on 22.07.2022. The Resolution Professional published Form G, inviting Expression of Interest (EoI) on 23.10.2022. The Appellant submitted its Eol with Bhagwati Vintrade Private Limited as a consortium member. A list of Prospective Resolution Applicants (PRAs) was published on 14.11.2022. The Resolution Plan submission deadline was extended to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) commenced against Indian Pulp and Paper Private Limited on 22.07.2022. The Resolution Professional (RP) invited Expressions of Interest (EoI) on 23.10.2022, setting 08.11.2022 as the last date for submission. Brand Steel & Power Pvt. Ltd. (Appellant) submitted its EoI in consortium with Bhagwati Vintrade Private Limited. A list of Prospective Resolution Applicants (PRAs) published on 14.11.2022 did not include Pinax Paper Mills Ltd. The deadline for Resolution Plan submission was extended to 10.01.2023, and the Appellant submitted a plan including Nippon Ispat Pvt. Ltd., which was not in the original EoI. The 10th CoC meeting on 13.01.2023 opened three Resolution Plans. The 11th CoC meeting on 30.01.2023 noted

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in approving the Resolution Plan submitted by Pinax Paper …

**Ratio:** The decision of the Committee of Creditors (CoC) holds paramount importance and should be

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**Reasoning:** The Tribunal found that the CoC's decision was taken with a significant majority (96.05%)

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**Interpretation:** This issue involves the interpretation of Section 61(3) of the IBC, which

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**Application:** The Tribunal applied the principle that the CoC's decision should be respected

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Brand Steel &…
- **Respondents:** Indian Pulp &…; Avishek…

## Timeline

- **2022-07-22 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) against Indian Pulp and Paper Private…
- **2022-10-23 — Form G Publ…**: Resolution Professional published Form G,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(3) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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