# In the matter of Shree Raghav Ispat (India) Private Limited IA No. 586-2019 in CP (IB) No. 126-9-HDB-2017

> NCLT judgment dated 2019-12-06. Citation: TCN-2019-NCLT-00299. The case involves an application (IA No. 586/2019) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 6 Dec 2019
- **Citation:** TCN-2019-NCLT-00299
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-raghav-ispat-india-private-limited-ia-no-586-2019-in-cp-ib-no-126-9-hdb-20-7268bfa6

## Summary

### Background

The case involves an application (IA No. 586/2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Shree Raghav Ispat (India) Private Limited. The application seeks approval of a resolution plan that has been approved by the Committee of Creditors (CoC) with 100% voting rights. The resolution plan outlines the amounts provided for stakeholders, including insolvency resolution process costs, workmen dues, and payments to operational and financial creditors. The plan also includes a timeline for implementation and details regarding the management and control of the corporate debtor during the plan's term.

## Facts

1. An application (IA No. 586/2019) was filed seeking approval of a resolution plan for Shree Raghav Ispat (India) Private Limited, a corporate debtor, under CP(IB) No. 126/9/HDB/2017.
2. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting rights.
3. The resolution plan outlines payments to various stakeholders, including insolvency resolution process costs (Rs. 28,00,000), workmen dues (Nil), operational creditors (Rs. 6,00,000), secured financial creditors (Rs. 5,50,55,000), unsecured financial creditors (Nil), other creditors (Nil), and statutory dues (Nil), totaling Rs. 5,84,55,000.
4. The resolution plan includes a timeline for implementation, with an effective date upon approval by the Adjudicating Authority and a completion date 45

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The Adjudicating Authority reviewed the resolution plan to ensure it complied with each

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the content and

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**Application:** The Adjudicating Authority found that the resolution plan met all the

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** M/s.BMM ISPAT…
- **Respondents:** SHREE RAGHAV…; M/s.SHREE RAGHAV…

## Timeline

- **2017-01-01 — CP(IB) No. 126/9/HDB/201…**: Corporate Insolvency Resolution Process initiated against Shree Raghav Ispat (India)…
- **2019-06-28 — 10th CoC M…**: The members of CoC unanimously approved the resolution plan submitted by the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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