# In the matter of AGP Steels Pvt. Ltd. IA No. 190-2018 in CP (IB) No. 148-10-HDB-2017

> NCLT judgment dated 2018-11-28. Citation: TCN-2018-NCLT-00277. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AGP Steels Private…

- **Court:** NCLT
- **Order date:** 28 Nov 2018
- **Citation:** TCN-2018-NCLT-00277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/agp-steels-pvt-ltd-ia-no-190-2018-in-cp-ib-no-148-10-hdb-2017-b116ad7a

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AGP Steels Private Limited. The Resolution Professional (RP) sought acceptance of the resolution plan, which was approved by the Committee of Creditors (CoC) representing 100% share of the Committee of Creditors voting in favour of the resolution. The NCLT, Hyderabad, was approached for directions for completion of the Insolvency Resolution Process of the Corporate Debtor. The financial creditor agreed to a haircut on the amount payable as part of the resolution process, accepting Rs.265.70 lacs against Rs.287.47 lacs outstanding.

## Facts

AGP Steels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) sought approval for a resolution plan accepted by the Committee of Creditors (CoC). The financial creditor agreed to accept Rs.265.70 lacs against an outstanding amount of Rs.287.47 lacs. The Corporate Debtor paid Rs.13,28,500 on 04.04.2018 and was prepared to pay Rs.86,71,500 upon approval of the resolution plan. Mr. Prasanna Khandre proposed to infuse Rs.25 lacs into the Corporate Debtor. The CoC unanimously approved the resolution plan on 28.05.2018. The resolution plan included provisions for payment of insolvency resolution process costs and repayment of debts to operational creditors. The Corporate Debtor's turnover for the financial year 2017-18

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Prasanna Khandre should be approved for completing the …

**Ratio:** Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the

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**Reasoning:** The Committee of Creditors (CoC) representing 100% of the voting share resolved to

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**Interpretation:** Section 30(6) mandates that the Adjudicating Authority shall approve a

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**Application:** The resolution plan submitted by Mr. Prasanna Khandre was approved by the CoC

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## Parties

- **Judges:** K. Anantha…
- **Respondents:** AGP Steels…

## Timeline

- **2017-09-21 — Commencement…**: Commencement of Corporate…
- **2018-04-04 — Payment by Corporate…**: The Corporate Debtor paid…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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