# In the matter of Haryana Steel and Alloys Ltd. CA No.1033-2019 in CP (IB) No.381-Chd-Hry-2018

> NCLT judgment dated 2020-02-07. Citation: TCN-2020-NCLT-02050. The case involves CA No.1033/2019 filed by the Resolution Professional (RP) under Sections…

- **Court:** NCLT
- **Order date:** 7 Feb 2020
- **Citation:** TCN-2020-NCLT-02050
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/haryana-steel-and-alloys-ltd-ca-no1033-2019-in-cp-ib-no381-chd-hry-2018-e2c1ef74

## Summary

### Background

The case involves CA No.1033/2019 filed by the Resolution Professional (RP) under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, seeking sanction of a resolution plan approved by the Committee of Creditors (CoC) on 04.11.2019. The Corporate Insolvency Resolution Process (CIRP) was initiated against Haryana Steel & Alloys Ltd. based on a petition filed by the Financial Creditor, Alchemist Asset Reconstruction Company Limited, under Section 7 of the Code. The CIRP was admitted on 13.02.2019, and the applicant was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The IRP appointed registered valuers to determine the fair value and liquidation value of the corporate debtor.

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## Facts

Alchemist Asset Reconstruction Company Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Haryana Steel & Alloys Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 13.02.2019. Arunava Sikdar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The IRP appointed two registered valuers to determine the fair value and liquidation value of the corporate debtor, which were assessed at ₹153.58 crores and ₹122.87 crores, respectively. The Committee of Creditors (CoC) was constituted, and multiple meetings were held to approve eligibility criteria

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Haldiram Snacks Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it provided for

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Haldiram

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Alchemist Asset…
- **Respondents:** Haryana Steel &…

## Timeline

- **1969-12-10 — Incorporation of…**: Haryana Steel & Alloys…
- **2019-02-13 — CIRP Init…**: CIRP proceedings were initiated against Haryana Steel & Alloys Ltd. by order delivered on…

## 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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