# In the matter of Ang Industries Limited Company Petition no. (IB)-292(ND)-2017

> NCLT judgment dated 2019-02-04. Citation: TCN-2019-NCLT-05038. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against ANG…

- **Court:** NCLT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLT-05038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ang-industries-limited-company-petition-no-ib-292nd-2017-62b1448f

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against ANG Industries Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.08.2017. Mr. Ilam Chand Kamboj was appointed as the Interim Resolution Professional (IRP), later approved as the Resolution Professional (RP) by the Committee of Creditors (COC). An application for extension of the CIRP period was granted, extending it by 90 days until 28.05.2018. The RP filed an application for approval of a resolution plan, which faced objections. Subsequently, the consortium of resolution applicants withdrew their plan, and the RP opined that liquidation might be necessary. An application for liquidation was then filed. Several applications

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## Facts

ANG Industries Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, with the application admitted on 30.08.2017. Ilam Chand Kamboj was appointed as IRP and later RP. The CIRP period was extended by 90 days until 28.05.2018. The RP filed an application for resolution plan approval, facing objections from operational creditor Shah Brothers Ispat Private Limited (SBIPL). SBIPL claimed Rs. 26.44 crores, while the RP admitted only Rs. 11.04 crores. Discrepancies existed in the principal amount and interest claimed. The RP filed for liquidation after the resolution plan was withdrawn. SBIPL sought directions for the CD to issue C forms for supplies valued at INR 11,20,14,571/-. MM Forgings filed an application for purchasing the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the RP was in consonance with the provisions of Section …

**Ratio:** Section 30(2) of the IBC outlines the requirements for a resolution plan, including

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**Reasoning:** The Tribunal found that the resolution plan was not in consonance with the law as it had

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**Interpretation:** The resolution plan must adhere to all legal requirements and treat the

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**Application:** The resolution plan was rejected because it sought waivers of statutory dues,

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Respondents:** ANG Industries…; Neha Ma…

## Timeline

- **2017-08-30 — Application A…**: Application under…
- **2018-02-15 — Extension of CI…**: CIRP period extended by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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