# In the matter of Arcee Ispat Udyog Ltd. CA No. 197-Chd-Hry-2018 in CP (IB) No. 49-Chd-Hry-2017

> NCLT judgment dated 2018-08-30. Citation: TCN-2018-NCLT-00855. Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Arcee…

- **Court:** NCLT
- **Order date:** 30 Aug 2018
- **Citation:** TCN-2018-NCLT-00855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/arcee-ispat-udyog-ltd-ca-no-197-chd-hry-2018-in-cp-ib-no-49-chd-hry-2017-662b1aab

## Summary

### Background

Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Arcee Ispat Udyog Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.08.2017, and a moratorium was declared. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) and later ratified as the Resolution Professional (RP). The initial CIRP period expired on 26.02.2018, and an extension of 90 days was granted. The RP submitted a resolution plan by Alexis Marketing LLP, which was approved by the Committee of Creditors (COC). The COC comprised only Punjab National Bank with 100% voting share.

## Facts

Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcee Ispat Udyog Limited, the Corporate Debtor. The application was admitted on 30.08.2017, and a moratorium was declared. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) on 07.09.2017 and later ratified as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 26.02.2018, and an extension of 90 days was granted on 01.03.2018. The RP submitted a resolution plan by Alexis Marketing LLP, which was approved by the Committee of Creditors (COC) on 25.05.2018. The COC comprised only Punjab National Bank with 100% voting share. The liquidation

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Alexis Marketing LLP complies with the requirements of …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, stipulates that the

…

**Reasoning:** The court examined the resolution plan and found that it complied with the requirements

…

**Interpretation:** Section 31(1) mandates a thorough review of the resolution plan to ensure it

…

**Application:** The court applied the ratio to the facts of the case and found that the

…

## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Punjab National…
- **Respondents:** Arcee Ispat Udyog…

## Timeline

- **2017-08-30 — Admission of Ap…**: Application under Section 7 of IBC…
- **2017-09-07 — Appointment…**: Jalesh Kumar Grover appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/arcee-ispat-udyog-ltd-ca-no-197-chd-hry-2018-in-cp-ib-no-49-chd-hry-2017-662b1aab