# In the matter of Ambey Iron Private Limited MA 82-2019 in CP No. 1704-I&BC-MB-MAH-2017

> NCLT judgment dated 2019-10-14. Citation: TCN-2019-NCLT-01006. The case involves an application under Section 30(1) & (6) and an order under Section 31 of the…

- **Court:** NCLT
- **Order date:** 14 Oct 2019
- **Citation:** TCN-2019-NCLT-01006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambey-iron-private-limited-ma-82-2019-in-cp-no-1704-ibc-mb-mah-2017-14dfa2ab

## Summary

### Background

The case involves an application under Section 30(1) & (6) and an order under Section 31 of the Insolvency & Bankruptcy Code 2016 regarding the corporate insolvency resolution process of Ambey Iron Private Limited. Oriental Bank of Commerce, the financial creditor, initiated the process by filing a petition under Section 7 of the Code. The petition was admitted on 2018-03-22, and an interim resolution professional (IRP) was appointed. The IRP made public announcements and collated claims from creditors. A committee of creditors (CoC) was formed, and Anuj Bajpai was appointed as the Resolution Professional. Bhadrashree Steel and Power Limited submitted a resolution plan, which was approved by the CoC with 100% voting share.

## Facts

Oriental Bank of Commerce (OBC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Ambey Iron Private Limited, claiming a financial debt of ₹37,77,15,415. The petition was admitted on 2018-03-22. Dushyant C. Dave was initially appointed as the Interim Resolution Professional (IRP), who then made public announcements regarding the initiation of the Corporate Insolvency Resolution Process (CIRP). Claims were invited from financial and operational creditors, workers, and employees until April 19, 2018. After collating the claims, a Committee of Creditors (CoC) was constituted. The first CoC meeting was held on May 3, 2018, and subsequent meetings were held on May 16, 2018, June 5, 2018, and June 11, 2018. In the fourth CoC meeting, Anuj

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Bhadrashree Steel and Power Limited meets the requirements …

**Ratio:** Section 31(1) of the IBC mandates that if the Adjudicating Authority is satisfied that

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**Reasoning:** The Adjudicating Authority considered the resolution plan and the fact that it was

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**Interpretation:** Section 30(2) outlines the criteria for a resolution plan's approval, including

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**Application:** The Adjudicating Authority applied the ratio by examining the resolution plan's

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Oriental Bank of…
- **Respondents:** Ambey Iron…

## Timeline

- **2018-03-22 — Petition Ad…**: Petition filed by Oriental Bank of Commerce against Ambey Iron Private Limited was…
- **2018-04-01 — IRP Appoi…**: Mr. Dushyant C. Dave was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(1) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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