# In the matter of Agarwal Steel Structures (India) Private Limited IA No. 443-2021 in CP (IB) No. 219-7-HDB-2020

> NCLT judgment dated 2021-11-17. Citation: TCN-2021-NCLT-00478. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 17 Nov 2021
- **Citation:** TCN-2021-NCLT-00478
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/agarwal-steel-structures-india-private-limited-ia-no-443-2021-in-cp-ib-no-219-7-c515e751

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Agarwal Steel Structures (India) (P) Ltd. The CIRP was initiated by the Bench based on an order dated 2021-01-18, and Sri. Ramamurthy Kommera was appointed as the Interim Resolution Professional (IRP). Following a public announcement inviting claims from creditors, the IRP admitted claims from financial creditors and constituted a Committee of Creditors (CoC) comprising APSFC (90% voting share) and Aryan Structural Solutions Private Limited (10% voting share). The IRP was later replaced by the Applicant. The resolution plans were deliberated upon in the 5th CoC meeting held on 2021-06-25, requesting the resolution applicants to enhance their offer by 2021-07-05. The 7th CoC

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Agarwal Steel Structures (India) (P) Ltd. on 2021-01-18. Sri. Ramamurthy Kommera was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors, admitting claims from financial creditors by 2021-02-11 and constituting a Committee of Creditors (CoC) by 2021-02-12. The CoC comprised APSFC (90% voting share) and Aryan Structural Solutions Private Limited (10% voting share). In the 1st CoC meeting on 2021-02-18, the CoC resolved to replace the IRP with the Applicant. The term of 180 days CIRP ended on 2021-07-17, extended to 2021-08-25 due to COVID-19. Form-G was published on 2021-04-03, leading to expressions of interest from Sri. Aaditya Yalamarty and Sri. Suresh

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the mandatory

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with the requirements of

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** In this case, the NCLT found that the Resolution Plan satisfied the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Aryan Structions…
- **Respondents:** Agarwal Steel…

## Timeline

- **2021-01-18 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated…
- **2021-01-23 — Form-A Publ…**: IRP published Form-A in Financial Express (English) & Mana Telangana (Telugu) inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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