# In the matter of UIC Udyog Limited IA (IB) No. 283-KB-2021 In CP (IB) No. 977-KB-2018

> NCLT judgment dated 2021-04-07. Citation: TCN-2021-NCLT-02453. The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 7 Apr 2021
- **Citation:** TCN-2021-NCLT-02453
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uic-udyog-limited-ia-ib-no-283-kb-2021-in-cp-ib-no-977-kb-2018-b0ba409e

## Summary

### Background

The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a Resolution Plan submitted for UIC Udyog Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by State Bank of India under Section 7 of the IBC, which was admitted on 30.09.2019. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. Seventeen meetings of the Committee of Creditors (CoC) were held during the CIRP period. Expressions of Interest (EoI) were invited, and two Resolution Plans were received from H.P. Ispat Private Limited and Laser Power &

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## Facts

1. State Bank of India filed an application under Section 7 of the IBC against UIC Udyog Limited, leading to the initiation of CIRP.
2. Kannan Tiruvengadam was appointed as the IRP and later confirmed as the RP.
3. Public announcements were made to invite claims from financial and operational creditors.
4. Seventeen CoC meetings were held during the CIRP.
5. Two Resolution Plans were received from H.P. Ispat Private Limited and Laser Power & Infra Private Limited.
6. Laser Power & Infra Private Limited was declared the successful resolution applicant by the CoC with 100% vote.
7. The Resolution Plan submitted by Laser Power & Infra Private Limited was reviewed for compliance with Section 30(2) of the IBC and Regulation 37 and 38 of the CIRP Regulations.
8. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Laser Power & Infra Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a Resolution Plan,

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

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the Resolution Plan is

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

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** State Bank of…
- **Respondents:** UIC Udyog L…

## Timeline

- **2018-01-01 — CP (IB) No. 97…**: Underlying Company Petition filed by State…
- **2019-09-30 — Admission of Company…**: Company Petition in CP (IB) No.…

## 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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