# In the matter of Dimension Steel & Alloys Private Limited I.A. (IB) No. 479-KB-2021 in C.P. (IB) No. 832-KB-2019

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00760. The application was filed by the Resolution Professional for the approval of the Resolution…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00760
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dimension-steel-alloys-private-limited-ia-ib-no-479-kb-2021-in-cp-ib-no-832-kb-2-78723a97

## Summary

### Background

The application was filed by the Resolution Professional for the approval of the Resolution Plan for the Corporate Debtor, Dimension Steel & Alloys Private Limited, under sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the CIRP Regulations.

## Facts

The application, I.A. (IB) No. 479/KB/2021, was filed by Mr. Bijay Murmuria, the Resolution Professional (RP) for Dimension Steel & Alloys Private Limited, seeking approval of the Resolution Plan under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the CIRP Regulations. The underlying Company Petition, CP (IB) No. 832/KB/2019, was filed by Carbon Resources Private Limited under section 9 of the IBC and admitted on October 18, 2019. The initial 180-day period for the Corporate Insolvency Resolution Process ( CIRP ) expired on April 15, 2020. Extensions were granted, including 90 days and an exclusion of 161 days by an order dated November 5, 2020, pushing the 270-day deadline to December 29, 2020.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by C.P. Ispat Private Limited for Dimension Steel & …

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors with the requisite voting

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**Reasoning:** The NCLT reviewed the Resolution Plan against the requirements of sections 30 and 31 of

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**Interpretation:** The NCLT interpreted sections 30 and 31 of the IBC to mean that a Resolution

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**Application:** The NCLT found that the Resolution Plan of C.P. Ispat Private Limited met the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Carbon Resources…; Bijay Murmuria…
- **Respondents:** Dimension Steel &…
- **Advocates:** Anuj Singh,…; Urmila Chakraborty…; +5 more

## Timeline

- **October 18, 2019 — Company Petition…**: The Company Petition in CP (IB) No. 832/KB/2019 filed by Carbon Resources Private Limited…
- **October 18, 2019 — IRP Appoi…**: Ms. Meena Sureka was appointed as the…

## 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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