# In the matter of Allied Strips Ltd. & Ors. CA-62(PB)-2019 in C.P. No. IB-46(PB)-2018

> NCLT judgment dated 2019-05-30. Citation: TCN-2019-NCLT-03128. Oriental Bank of Commerce initiated Corporate Insolvency Resolution Process (CIRP) against M/s.…

- **Court:** NCLT
- **Order date:** 30 May 2019
- **Citation:** TCN-2019-NCLT-03128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/allied-strips-ltd-ors-ca-62pb-2019-in-cp-no-ib-46pb-2018-aa8b00cd

## Summary

### Background

Oriental Bank of Commerce initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Allied Strips Ltd. by filing C.P. No. IB-46(PB)/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-03-16, leading to the commencement of CIRP and imposition of moratorium under Section 14. The Resolution Professional (RP) made a public announcement inviting claims from creditors. After multiple meetings and extensions, G.P. Global was identified as the H1 Resolution Applicant. The Committee of Creditors (CoC) approved a resolution plan submitted by G.P. Global with a voting share of 99.84%. The RP filed C.A. No. 62(PB)/2019 seeking approval of the resolution plan. G.P. Global also filed C.A. No. 742(PB)/2019 seeking certain

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## Facts

Oriental Bank of Commerce initiated CIRP against M/s. Allied Strips Ltd. by filing C.P. No. IB-46(PB)/2018 under Section 7 of IBC. The petition was admitted on 2018-03-16, commencing CIRP and imposing a moratorium. The RP invited claims from creditors. The RP convened 12 meetings of the CoC up to 2018-12-28. The RP issued an advertisement on 2018-06-04 inviting prospective resolution applicants. The CoC decided to extend the deadline for submission of resolution plans due to an inadequate number of applicants. The RP appointed two registered valuers to ascertain the fair value and liquidation value of the Corporate Debtor. The CoC sought an extension of time beyond 180 days for the CIRP. The RP received two resolution plans. The CoC asked the plan applicants to make

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by G.P. Global Energy Pvt. Ltd. complies with the …

**Ratio:** Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, outline the requirements

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**Reasoning:** The NCLT reviewed the resolution plan to ensure that it complied with the mandatory

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**Interpretation:** Sections 30 and 31 of the Code are interpreted to mean that a resolution plan

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**Application:** The NCLT found that the resolution plan submitted by G.P. Global complied with

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Respondents:** M/s. Allied…

## Timeline

- **2018-03-16 — Admission of…**: The petition filed by Oriental Bank of Commerce against M/s. Allied Strips Limited was…
- **2018-03-21 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## 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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