# In the matter of Tehri Iron and Steel Limited CA No. 98-2019 in CP (IB) No. 447-ND-2018

> NCLT judgment dated 2019-05-21. Citation: TCN-2019-NCLT-03245. The case involves an application filed by the Resolution Professional, Mr. Praveen Bansal, for…

- **Court:** NCLT
- **Order date:** 21 May 2019
- **Citation:** TCN-2019-NCLT-03245
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tehri-iron-and-steel-limited-ca-no-98-2019-in-cp-ib-no-447-nd-2018-5d7deebd

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Praveen Bansal, for the approval of a Resolution Plan submitted by Mr. Vaibhav Goel and Ms. Madhu Goel (Joint Resolution Applicants) under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Tehri Iron & Steel Casting Limited, the Corporate Debtor, following a petition filed by Amrit Steels, an Operational Creditor, under Section 9 of the Code. The petition was admitted by the Tribunal on 31.05.2018, and Mr. Praveen Bansal was appointed as the Interim Resolution Professional (IRP). Several meetings of the Committee of Creditors (CoC) were held to discuss and evaluate the resolution plans. The CoC

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## Facts

Amrit Steels, an Operational Creditor, filed a Company Petition (C.P. No. IB-447(ND)/2018) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tehri Iron & Steel Casting Limited, the Corporate Debtor. The Tribunal admitted the petition on 31.05.2018 and appointed Mr. Praveen Bansal as the Interim Resolution Professional (IRP). Mr. Praveen Bansal made a public announcement on 07.06.2018 to intimate the commencement of CIRP and invite creditors to submit their claims. The first meeting of the Committee of Creditors (CoC) was held on 29.06.2018, where Mr. Praveen Bansal was confirmed as the resolution professional. Mr. Vaibhav Goel and Mrs. Madhu Goel submitted a resolution plan, and the CoC

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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 Code specifies the mandatory requirements that a resolution plan

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted to mandate specific provisions in the resolution

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**Application:** The Adjudicating Authority found that the resolution plan provided for the

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## Parties

- **Judges:** DEEPTI M…; Pradeep R.…
- **Appellants:** Amrit S…
- **Respondents:** Tehri Iron and…; Vaibhav…

## Timeline

- **2018-05-31 — Petition Ad…**: Tribunal admitted the petition filed by Amrit Steels and appointed Mr. Praveen Bansal as…
- **2018-06-07 — Public Annou…**: Mr. Praveen Bansal made a public announcement to intimate the commencement of CIRP and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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