# In the matter of Albus India Ltd. C.A. -34-(ND)-2019 in C.P. No. IB-1089-(ND)-2018

> NCLT judgment dated 2019-11-05. Citation: TCN-2019-NCLT-00717. The case involves the corporate insolvency resolution process (CIRP) of Albus India Ltd.…

- **Court:** NCLT
- **Order date:** 5 Nov 2019
- **Citation:** TCN-2019-NCLT-00717
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/albus-india-ltd-ca-34-nd-2019-in-cp-no-ib-1089-nd-2018-05746665

## Summary

### Background

The case involves the corporate insolvency resolution process (CIRP) of Albus India Ltd. initiated by Tuf Metallurgical Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Tribunal admitted the application and ordered the commencement of CIRP. Sandeep Kumar Bhatt was appointed as the resolution professional (RP). The RP published the Expression of Interest and received one resolution plan from Tuf Metallurgical Pvt. Ltd., which is also a member of the Committee of Creditors (CoC).

## Facts

Tuf Metallurgical Pvt. Ltd. filed an application under Section 7 of the IBC against Albus India Ltd., a manufacturer of Low Carbon Ferro Chrome, due to technical failures and lack of working capital. The Tribunal admitted the application, initiating the CIRP. Sandeep Kumar Bhatt was appointed as the RP. The RP published the Expression of Interest and received only one resolution plan from Tuf Metallurgical Pvt. Ltd., which is also a member of the CoC. The CoC negotiated with the RA and approved the resolution plan with a 100% vote. The resolution plan includes provisions for payment of CIRP costs, financial creditors (Rs.5.81 crores against the total dues of Rs.37.61 crores), operational creditors (Rs.0.10 crores against the total dues of Rs.2.02 crores),

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Tuf Metallurgical Pvt. Ltd. complies with the mandatory …

**Ratio:** The resolution plan must comply with Section 30(2) of the IBC and Regulation 38 of the

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**Reasoning:** The Tribunal reviewed the resolution plan and found that it addressed the cause of

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**Interpretation:** Section 30(2) and Regulation 38 outline the essential components of a

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**Application:** The Tribunal applied the ratio to the specific provisions of the resolution

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Respondents:** Albus Indi…
- **Advocates:** Prachi…; Moulshree…; +2 more

## Timeline

- **2019-01-02 — Tribunal Admits…**: The Tribunal admitted the application filed under Section 7 of the Code by Tuf…
- **2019-03-20 — Expression of Interest…**: The resolution professional (RP) prepared and published the Expression of Interest in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 79 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-79)

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