# In the matter of State Bank of India vs. Santoshi Hyvolt Electricals Pvt. Ltd. & Ors.

> NCLAT judgment dated 2025-03-17. Citation: TCN-2025-NCLAT-00164. This is a Company Appeal filed by State Bank of India against the order dated 19.11.2024…

- **Court:** NCLAT
- **Order date:** 17 Mar 2025
- **Citation:** TCN-2025-NCLAT-00164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-vs-santoshi-hyvolt-electricals-pvt-ltd-ors-5e0226d7

## Summary

### Background

This is a Company Appeal filed by State Bank of India against the order dated 19.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Court-I in IA No.26 of 2024 in C.P.(IB) No.211/CDH/HRY/2019. The Adjudicating Authority rejected IA No.26 of 2024 filed by the Appellant, aggrieved by which order this appeal has been filed. The application sought to remit the resolution plan back to the Committee of Creditors (CoC) for further review, issue a fresh Form G, and extend the CIRP period. The Adjudicating Authority rejected the application, leading to the appeal.

## Facts

The Adjudicating Authority admitted a Section 9 application against the corporate debtor, Eon Electric Limited, on 13.10.2020. Ritu Rastogi was appointed as the Resolution Professional. The CoC approved a resolution plan submitted by Santoshi Hyvolt Electricals Pvt. Ltd. (SRA) on 11.08.2022 with a 99.26% vote share. The Resolution Professional filed IA No.1629 of 2022 seeking approval of the Resolution Plan on 01.10.2022. EESL, to whom the corporate debtor gave bank guarantees, invoked these guarantees on 08.02.2023, 12.07.2023, and 19.09.2023, amounting to Rs.15.84 Crores. The CIRP costs increased to Rs.23 Crores. The financial creditor paid PF dues of Rs.96,80,894/- and gratuity dues of Rs.1,99,386/-. An additional requirement of Rs.2.21 Crores was added to the CIRP

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting IA No.26 of 2024, which sought to remit the …

**Ratio:** Once a resolution plan is submitted to the Adjudicating Authority, the CoC cannot request

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**Reasoning:** The Adjudicating Authority, relying on precedents including 'Ebix Singapore Pvt. Ltd. vs.

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**Interpretation:** The interpretation of the IBC and related regulations suggests that once a

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**Application:** In this case, the CoC sought to remit the resolution plan back for

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Eon Electric…; Santoshi Hyvolt…

## Timeline

- **2020-10-13 — Section 9 Application…**: The Adjudicating Authority admitted Section 9…
- **2022-08-11 — CoC Approves Resolution…**: The CoC approved the resolution plan submitted by Santoshi Hyvolt Electricals Pvt. Ltd.…

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