# In the matter of R.D Alloys Private Limited IA (IB) 1333-KB-2020 in CP (IB) No. 1726-KB-2018

> NCLT judgment dated 2021-03-24. Citation: TCN-2021-NCLT-02586. The case involves an application under section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Mar 2021
- **Citation:** TCN-2021-NCLT-02586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rd-alloys-private-limited-ia-ib-1333-kb-2020-in-cp-ib-no-1726-kb-2018-147236ac

## Summary

### Background

The case involves an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted for R. D. Alloys Private Limited, the Corporate Debtor. The application was filed by Ms. Mamta Binani, the Resolution Professional (RP). The underlying Company Petition was filed by Indian Overseas Bank under section 7 of the IBC, which was admitted on 25.10.2019. The RP issued invitations for Expressions of Interest (EoI), receiving five EoIs, but ultimately, the resolution plan submitted by Glix Securities Private Limited was approved by the Committee of Creditors (CoC) with 100% voting percentage, while the plan of Girik Securities Private Limited was rejected.

## Facts

Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against R. D. Alloys Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 25.10.2019. Mamta Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement on 02.11.2019, inviting claims from creditors. Fourteen CoC meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued five times, with the last date for receipt of EoIs being 03.07.2020. Two resolution plans were submitted, one by Girik Securities Private Limited and another by Glix Securities Private Limited. The CoC rejected the plan of Girik

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Glix Securities Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The court examines the resolution plan to ensure that it adequately addresses the

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan provides for a

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**Application:** The court applies the provisions of Section 30(2) to the specific details of

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Indian Overseas…
- **Respondents:** R. D. Alloys…

## Timeline

- **2018-01-01 — Company Petiti…**: Indian Overseas Bank filed a Company Petition against R. D. Alloys Private Limited under…
- **2019-10-25 — Admission of Company…**: The Company Petition filed by…

## 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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