# In the matter of AML Steel & Power Limited MA-355-2019 in CP-632-IB-2017

> NCLT judgment dated 2019-06-27. Citation: TCN-2019-NCLT-02765. The case pertains to an MA filed by the Resolution Professional (RP) for the approval of a…

- **Court:** NCLT
- **Order date:** 27 Jun 2019
- **Citation:** TCN-2019-NCLT-02765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aml-steel-power-limited-ma-355-2019-in-cp-632-ib-2017-14500e72

## Summary

### Background

The case pertains to an MA filed by the Resolution Professional (RP) for the approval of a Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI regulations. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. AML Steel and Power Limited. The Tribunal admitted the application initiating CIRP on 12.03.2018 and appointed Mr. Santanu T. Ray as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and finalize the resolution plan. Due to non-cooperation of Promoters and District authorities, the last date for submission of Expression of Interest (EOI) was extended. Several resolution plans were

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. AML Steel and Power Limited. The Tribunal admitted the application initiating CIRP on 2018-03-12 and appointed Mr. Santanu T. Ray as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, and in its first meeting held on 2018-04-19, resolved to recommend the appointment of the Applicant herein as the Resolution Professional. The Tribunal vide its order dated 2018-12-11 excluded the unutilized CIRP period of 90 days from the total period of Corporate Insolvency Resolution Process with effect from 2018-12-07. The last date of submission of Expression of Interest (EOI) was extended, and the last date of acceptance of resolution was fixed on 2018-12-31. Four

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. DD International Private Limited jointly with M/s. …

**Ratio:** Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of

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**Reasoning:** The CoC approved the resolution plan with a 100% voting share, indicating their unanimous

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**Interpretation:** The legal issue revolves around the interpretation and application of Section

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**Application:** The Tribunal applied the provisions of Section 30(6) of the IBC to the facts of

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Respondents:** M/s. AML Steel…; M/s. Edelweiss…

## Timeline

- **2018-03-12 — CIRP Init…**: The Tribunal admitted the application initiating Corporate Insolvency Resolution Process…
- **2018-04-19 — CoC Meet…**: The Committee of Creditors (CoC) constituted by IRP at its first meeting resolved to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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