# In the matter of Saraogi Udyog Pvt. Ltd. Vs. Vedanta Ltd. & Ors. CA (AT) Nos. 265, 361-363, 399, 402, 414, 418, 419, 421 & 422-2018

> NCLAT judgment dated 2018-08-20. Citation: TCN-2018-NCLAT-00143. These appeals were filed by Operational Creditors, who claimed that the Resolution Plan…

- **Court:** NCLAT
- **Order date:** 20 Aug 2018
- **Citation:** TCN-2018-NCLAT-00143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/saraogi-udyog-pvt-ltd-vs-vedanta-ltd-ors-ca-a6896870

## Summary

### Background

These appeals were filed by Operational Creditors, who claimed that the Resolution Plan submitted by the resolution applicant did not adequately address their concerns. The Operational Creditors argued that the minimum amount prescribed under Section 30(2)(b) of the I&B Code was not met, and they were not properly notified or heard by the Committee of Creditors.

## Facts

Several Operational Creditors filed appeals against the Resolution Plan submitted by the resolution applicant, arguing that their concerns were not adequately addressed. They claimed that the minimum amount prescribed under Section 30(2)(b) of the I&B Code was not met and that they were not properly notified or heard by the Committee of Creditors. The Resolution Applicant argued that the debt owed to the Operational Creditors was less than 10% of the total debt, and therefore, no specific notice was required under Section 24(3)(c) of the I&B Code. The Appellate Tribunal noted that the claims of the creditors had already been dealt with in a previous judgment and that the Resolution Plan had been approved at different levels and acted upon.

## Issues and analysis

### Issue 1: Whether the Resolution Plan adequately addressed …

**Ratio:** The court relied on the principle that a Resolution Plan, once approved at different

…

**Reasoning:** The court reasoned that the Resolution Plan had already been approved by the Committee of

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**Interpretation:** This issue involves the interpretation of the powers of the appellate tribunal

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**Application:** The court applied the ratio to the facts by noting that the Resolution Plan had

…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…
- **Appellants:** Saraogi Udyog…
- **Respondents:** Electrosteel…; Vedanta…

## Timeline

- **2018-08-10 — Previous Ju…**: The Appellate Tribunal had previously dealt with the claims of the creditors in a…
- **2018-08-20 — Appeals Pre…**: Operational Creditors preferred…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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