# Approval of Resolution Plan - Topworth Urja & Metals Limited

> NCLT judgment dated 26 May 2025. Citation: TCN-2025-NCLT-00047. The application was filed by the Resolution Professional under Section 30 of the Insolvency…

- **Court:** NCLT
- **Order date:** 26 May 2025
- **Citation:** TCN-2025-NCLT-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-topworth-urja-metals-limited-418df8bf

## Summary

### Background

The application was filed by the Resolution Professional under Section 30 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for Topworth Urja & Metals Limited, which was approved by 100% of the Committee of Creditors.

## Facts

The present application was filed by Mr. Avil Menezes, the Resolution Professional of Topworth Urja & Metals Limited, under Section 30 of the Insolvency and Bankruptcy Code, 2016. The application sought approval for a Resolution Plan dated May 29, 2023, amended up to October 16, 2023, submitted by Evonith Holdings Pvt. Ltd. This plan was approved by 100% of the voting share of the Committee of Creditors (CoC) in their 14th meeting on January 5, 2024.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Evonith Holdings Pvt. Ltd. complies with the provisions of…

**Ratio:** The Resolution Plan, having been approved by 100% of the CoC and found compliant with the…

**Reasoning:** The Resolution Professional confirmed that the plan complies with Section 30(2) of the…

**Interpretation:** The court interpreted Section 30(2) of the IBC and relevant regulations to mean…

**Application:** The Resolution Plan explicitly addresses these requirements, including the…

## Parties

- **Judges:** Sh. Justice…; SH. PRABHAT…
- **Advocates:** For the Applicant:…; Gaurav…; +4 more

## Timeline

- **August 12, 2022 — CIRP Init…**: CP (IB) No.1807 of 2018 filed by Bank of Baroda under Section 7 of IBC, 2016, was…
- **August 18, 2022 — NCLAT Stay on CoC…**: Hon'ble NCLAT stayed the formation of…

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