# In the matter of Uttam Galva Metallics Limited

> NCLT judgment dated 2019-08-01. Citation: TCN-2019-NCLT-02143. The Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited commenced…

- **Court:** NCLT
- **Order date:** 1 Aug 2019
- **Citation:** TCN-2019-NCLT-02143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uttam-galva-metallics-limited-17eaf139

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited commenced on 2018-07-11, following the admission of a Section 7 application filed by State Bank of India. Mr. Rajiv Chakraborty was appointed as the Interim Resolution Professional (IRP). Several miscellaneous applications were filed, including one by Noble Resources International Pte. Ltd., an operational creditor, seeking clarification on whether minutes of the Committee of Creditors (CoC) meetings should be shared with unsuccessful resolution applicants. Investment Opportunities IV Pte. Ltd. & Ors. (SSG Group) also filed applications seeking inspection of records and objecting to the resolution plan approved by the CoC.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited was initiated on July 11, 2018, based on a Section 7 application by State Bank of India. Rajiv Chakraborty was appointed as the Interim Resolution Professional (IRP). Noble Resources International Pte. Ltd., an operational creditor with a debt of ₹171,04,65,643, filed a Miscellaneous Application seeking clarification on sharing CoC meeting minutes with unsuccessful resolution applicants. Investment Opportunities IV Pte. Ltd. & Ors. (SSG Group), an unsuccessful resolution applicant, filed applications seeking inspection of records and objecting to the approved resolution plan of Carval Investors. SSG Group argued that Carval's plan was of lesser value and the CIRP process was flawed.

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## Issues and analysis

### Issue 1: Whether the minutes of the Committee of Creditors (CoC) meetings are confidential and cannot be …

**Ratio:** Regulation 35(2) of the IBBI (Insolvency Resolution process for Corporate Persons)

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**Reasoning:** The Tribunal reasoned that the minutes of CoC meetings contain important figures such as

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**Interpretation:** The interpretation of Regulation 35(2) suggests that certain information

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**Application:** The Tribunal applied this principle to the case by holding that the RP's

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Noble Resources…
- **Respondents:** Uttam Galva…; Rajiv Chakr…

## Timeline

- **2018-07-11 — CIRP Init…**: Corporate Insolvency Resolution Process of Uttam Galva Metallics Limited began pursuant…
- **2019-05-21 — Tribunal…**: Tribunal directed parties…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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