# In the matter of Salasar Steel and Power Limited IA No. 141-CTB-2020 in  T.P. No. 203-CTB-2019

> NCLT judgment dated 8 Nov 2021. Citation: TCN-2021-NCLT-00583. The case involves an application filed under section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Nov 2021
- **Citation:** TCN-2021-NCLT-00583
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/salasar-steel-and-power-limited-ia-no-141-ctb-2020-in-tp-no-203-ctb-2019-32ac5a9d

## Summary

### Background

The case involves an application filed under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan by the Committee of Creditors. The corporate insolvency resolution process was initiated against Salasar Steel and Power Limited. The NCLT also considered various prayers, reliefs, and concessions sought by the Resolution Applicant to ensure successful implementation of the plan.

## Facts

J.M. Financial Asset Reconstruction Company Limited, the financial creditor, filed a company petition against Salasar Steel and Power Limited, the corporate debtor, under section 7 of the Insolvency and Bankruptcy Code, 2016. This petition, initially C.P (IB) No. 1411/MB/2018, was admitted on September 27, 2019, and subsequently transferred as T.P. No. 203/CTB/2019.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Singhal Enterprises Private Limited complies with the…

**Ratio:** The resolution plan must adhere to the specific requirements outlined in section 30(2) of…

**Reasoning:** The applicant provided a detailed breakdown of how the resolution plan addresses the…

**Interpretation:** The court interpreted section 30(2) as mandating specific provisions within a…

**Application:** The resolution plan included clauses addressing each sub-section of section…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Advocates:** For Petit…; Ratnanko Banerjee…; +4 more

## Timeline

- **September 27, 2019 — Company Petition…**: The company petition filed by J.M. Financial Asset Reconstruction Company Limited against…
- **October 23, 2019 — RP Confi…**: Mr. Rajesh Jhunjhunwala was confirmed as the Resolution Professional at the first meeting…

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