# 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-00860. Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Arcee…

- **Court:** NCLT
- **Order date:** 30 Aug 2018
- **Citation:** TCN-2018-NCLT-00860
- **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-e6ae96f7

## 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).

## Facts

Punjab National Bank (PNB), a financial creditor, 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 imposed. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) and later confirmed 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. The RP submitted a resolution plan from Alexis Marketing LLP, which was approved by the Committee of Creditors (COC) with 100% voting share. The liquidation value of the corporate debtor was ₹7.06 crores. The resolution

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## Issues and analysis

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

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

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

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

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**Application:** The court applied Section 31(1) to the facts of the case, scrutinizing the

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## Parties

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

## Timeline

- **2017-08-30 — Application A…**: Application under Section 7 of IBC filed by Punjab National Bank against Arcee Ispat…
- **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)

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