# In the matter of Kalptaru Steel Rolling Mills Limited C.A. 931(PB)-2019 in Company Petition No. (IB)-563(PB)-2018

> NCLT judgment dated 2020-02-14. Citation: TCN-2020-NCLT-01931. The case involves an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 14 Feb 2020
- **Citation:** TCN-2020-NCLT-01931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kalptaru-steel-rolling-mills-limited-ca-931pb-2019-in-company-petition-no-ib-563-acde385b

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Kalptaru Steel Rolling Mills Limited. Andhra Bank, a financial creditor, had initiated the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The Company Petition (IB) 563 (PB) / 2018 was admitted on 14.08.2018, imposing a moratorium under Section 14 of the Code, and Mr. Prabhakar Nandiraju was appointed as the Interim Resolution Professional.

## Facts

Andhra Bank initiated CIRP against Kalptaru Steel Rolling Mills Limited. The petition was admitted on 2018-08-14, and a moratorium was imposed. Prabhakar Nandiraju was appointed as the Interim Resolution Professional. The RP made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was formed, and the RP appointed registered valuers to ascertain the fair value and liquidation value of the Corporate Debtor. An Information Memorandum was prepared, and expressions of interest were invited. Five resolution applicants submitted their expression of interest, and M/s Shiva Ferric Private Limited submitted a resolution plan. The CoC deliberated on the resolution plan and insisted on revisions. The final resolution plan garnered 66.13% of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Shiva Ferric Private Limited meets the requirements of …

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

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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) is interpreted as setting a mandatory threshold for the approval

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** B.S.V. Prakash…; S. K. MOH…
- **Appellants:** Prabhakar…
- **Respondents:** Kalptaru Steel…

## Timeline

- **2018-08-14 — Admission of Company…**: Company Petition (IB) 563 (PB) / 2018 was admitted, imposing moratorium under Section 14…
- **2018-08-18 — Public Annou…**: Interim Resolution Professional made…

## 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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