# In the matter of Sri Ganesh Sponge Iron Pvt. Ltd. IA No. 94-CB-2021 in TP No. 26-CTB-2019

> NCLT judgment dated 2021-11-01. Citation: TCN-2021-NCLT-00623. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 Nov 2021
- **Citation:** TCN-2021-NCLT-00623
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-ganesh-sponge-iron-pvt-ltd-ia-no-94-cb-2021-in-tp-no-26-ctb-2019-267b21e9

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code 2016, along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The underlying Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Sagu India Holding Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on February 18, 2019. The Resolution Professional (RP) filed IA No. 94/CB/2021 seeking approval of the resolution plan. The resolution plan was revised multiple times, with the final version dated 5th August 2021 being considered for approval.

## Facts

Sagu India Holding Limited, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sri Ganesh Sponge Iron Pvt. Ltd., the Corporate Debtor, by filing CP (IB) No. 934/KB/2018 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 18th February 2019. Avishek Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP received claims from various creditors, which were collated, and Form G was published. Ten Expressions of Interest (EOIs) were received, and Kashvi Power & Steel Pvt. Ltd. & Kashvi International Pvt. Limited (in consortium) were declared as the successful Resolution Applicant. The Resolution Plan was revised and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, and regulations 37, 38,

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it met the

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**Interpretation:** The provisions of the Code and Regulations are interpreted to ensure that the

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**Application:** The Adjudicating Authority found that the Resolution Plan was in accordance

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Avishek…
- **Respondents:** Ganesh Sponge…

## Timeline

- **2018-01-01 — CP (IB) F…**: CP (IB) No. 934/KB/2018 filed by…
- **2019-02-18 — CIRP Init…**: Corporate Insolvency…

## 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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