# In the matter of Steel Strips Wheels Ltd. Vs. Shri Avil Menezes, Resolution Professional of AMW
Autocomponent Ltd. & Ors. Company Appeal (AT) (Insolvency) No. 89 of 2022

> NCLAT judgment dated 2022-04-18. Citation: TCN-2022-NCLAT-00534. This case involves an appeal against an order dated 18.01.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 18 Apr 2022
- **Citation:** TCN-2022-NCLAT-00534
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/steel-strips-wheels-ltd-vs-shri-avil-menezes-resolution-professional-of-amw-auto-90c631bc

## Summary

### Background

This case involves an appeal against an order dated 18.01.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad, Court-2 in IA 43(AHM)2022 in CP(IB) No. 185 OF 2018. The appellant, Steel Strips Wheels Ltd., challenges the impugned order. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, AMW Auto Component Ltd., on 01.09.2020. The appellant's resolution plan was approved by the Committee of Creditors (CoC) with 98.55% voting share. However, Respondent No.3 filed an I.A No. 43 of 2022 before the Adjudicating Authority, seeking permission to submit a resolution plan, which the Adjudicating Authority allowed, leading to the present appeal.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against AMW Auto Component Ltd. on 01.09.2020. Steel Strips Wheels Ltd. (Appellant) submitted a resolution plan that was approved by the Committee of Creditors (CoC) with 98.55% voting share. The last date for submission of the Expression of Interest was 15.12.2020. The CoC fixed 19.04.2021 as the final date for submission of the Resolution Plan. The Appellant submitted its Resolution Plan on 24.04.2021. The Adjudicating Authority granted an extension of 90 days. The Appellant submitted its revised Resolution Plan on 24.04.2021 with addendum of 27.08.2021. The Letter of Intent was issued by Respondent No.1 to the Appellant on 21.09.2021. Respondent No.3 requested to submit a joint Resolution Plan on

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in allowing Respondent No.3 to submit a resolution …

**Ratio:** The CIRP is a time-bound process, and the Adjudicating Authority should adhere to the

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**Reasoning:** The tribunal relies on the judgment of the Hon'ble Supreme Court in “Ebix Singapore

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**Interpretation:** The interpretation of the IBC emphasizes the need for timely resolution and the

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**Application:** In this case, the Adjudicating Authority's order allowing Respondent No.3 to

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +2 more
- **Appellants:** Steel Strips…
- **Respondents:** AMW Auto Component…; Avil Me…

## Timeline

- **2020-09-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-11-30 — Form-G I…**: Form-G was…

## Legal provisions

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

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