# In the matter of Twenty First Century Casting Pvt Ltd I.A. No. 591 of 2020 in CP(IB) 536 of 2019

> NCLT judgment dated 2020-12-09. Citation: TCN-2020-NCLT-00121. The case pertains to an application filed by the Resolution Professional (RP) of Twenty First…

- **Court:** NCLT
- **Order date:** 9 Dec 2020
- **Citation:** TCN-2020-NCLT-00121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/twenty-first-century-casting-pvt-ltd-ia-no-591-of-2020-in-cpib-536-of-2019-440403c4

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Twenty First Century Castings Private Limited under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for seeking approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by an Operational Creditor, M/s Harsh Foundry Fluxes & Alloys, under Section 9 of the IBC. The CIRP was admitted on 16.01.2020. An Interim Resolution Professional (IRP) was initially appointed, but later replaced by Premraj Ramratan Laddha.

## Facts

M/s Harsh Foundry Fluxes & Alloys, an Operational Creditor, filed CP(IB) No.536 of 2020 under Section 9 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Twenty First Century Castings Private Limited (Corporate Debtor). The CIRP was admitted on 16.01.2020. Mr. Saurabh Zaveri was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Shri Premraj Ramratan Laddha. The Committee of Creditors (CoC) was formed, and in its Second Meeting held on 25.02.2019, decided to replace the IRP. The RP called for Expression of Interest (Eol), and only one Resolution Plan was received from M/s Suryadeep Alloys Steel Castings Pvt Ltd. The Resolution Plan was discussed in the Fifth CoC meeting held on

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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 IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority considered the Resolution Plan and found that it met the

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Adjudicating Authority applied Section 30(2) to the specific Resolution

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Premraj Ramratan…
- **Respondents:** Twenty First…; M/s Harsh Foundry…
- **Advocates:** Vishal…; Nitin Ch…

## Timeline

- **2020-01-16 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against Twenty First Century…
- **2020-02-25 — CoC Meet…**: Committee of Creditors (CoC) decided to replace…

## 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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