# 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-00292. The case involves an application (IA No. 586/2019) filed in relation to a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 6 Dec 2019
- **Citation:** TCN-2019-NCLT-00292
- **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-20-9b2fab08

## Summary

### Background

The case involves an application (IA No. 586/2019) filed in relation to 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

M/s. BMM Ispat Limited initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Shree Raghav Ispat (India) Private Limited under CP (IB) No.126/9/HDB/2017. M/s. Shree Raghav Ispat (India) Private Limited is the Corporate Debtor. M/s. Kaplana G, a Resolution Professional, represented M/s. Shree Raghav Ispat (India) Private Limited. The Committee of Creditors (CoC) approved a resolution plan with 100% voting rights. The resolution plan includes provisions for payment of 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. The resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Applicant meets the requirements of Section …

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

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**Reasoning:** The Adjudicating Authority observed that the resolution plan provides for the payment of

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

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

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** BMM Ispat L…
- **Respondents:** SHREE RAGHAV…

## Timeline

- **2017-01-01 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Shree Raghav Ispat…
- **2019-06-28 — CoC Meet…**: The members of CoC in the 10th CoC meeting dated 28.06.2019, unanimously approved the…

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