# In the matter of Splendid Metal Products Limited IA No. 981 of 2020 in CP (IB) No. 666-7-HDB-2018

> NCLT judgment dated 2021-04-08. Citation: TCN-2021-NCLT-02428. The case pertains to an application (IA No. 981 of 2020) filed under Section 30(6) of the…

- **Court:** NCLT
- **Order date:** 8 Apr 2021
- **Citation:** TCN-2021-NCLT-02428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/splendid-metal-products-limited-ia-no-981-of-2020-in-cp-ib-no-666-7-hdb-2018-26701c73

## Summary

### Background

The case pertains to an application (IA No. 981 of 2020) filed under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a resolution plan for Splendid Metal Products Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Adjudicating Authority on 04.04.2019, and Mr. T. Sathisan was appointed as the Interim Resolution Professional (IRP), later continuing as the Resolution Professional (RP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Splendid Metal Products Limited on 04.04.2019. Mr. T. Sathisan was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). A public announcement was made, inviting claims from stakeholders. The RP received claims from financial creditors, operational creditors, statutory authorities, workmen, and employees. The RP appointed two registered valuers to determine the fair value and liquidation value of the Corporate Debtor. The Committee of Creditors (CoC) conducted 24 meetings. Expressions of interest were received from four entities: Vedanta Group, Triterras Holdings Pte Limited (THPL) jointly with Invent Assets Securitisation &

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the mandatory requirements that a resolution

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan provided for payment of CIRP

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**Interpretation:** Section 30(2) sets out the minimum standards a resolution plan must meet to be

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

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## Parties

- **Judges:** Shri. Madan B.…; Shri. Veera…
- **Appellants:** T. Sath…
- **Respondents:** SPLENDID METAL…; SASF…

## Timeline

- **2018-01-01 — CP (IB) No.666/7/HDB/201…**: The original CP (IB)…
- **2019-04-04 — CIRP Init…**: CIRP of the Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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