# In the matter of Uttam Strips Ltd. C.A.-108-(ND)-2019 in C.P. No. IB-137-(ND)-2018

> NCLT judgment dated 2019-06-06. Citation: TCN-2019-NCLT-03044. The case pertains to the corporate insolvency resolution process (CIRP) of Uttam Strips Ltd.…

- **Court:** NCLT
- **Order date:** 6 Jun 2019
- **Citation:** TCN-2019-NCLT-03044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uttam-strips-ltd-ca-108-nd-2019-in-cp-no-ib-137-nd-2018-5865a349

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of Uttam Strips Ltd. initiated upon an application filed by Power2sme Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2018-04-09, and CIRP was ordered. Sanjay Gupta was appointed as the Resolution Professional (RP).

## Facts

Power2sme Pvt. Ltd. filed an application under Section 9 of the IBC against Uttam Strips Ltd. (Corporate Debtor) which was admitted on 2018-04-09, initiating CIRP. Sanjay Gupta was appointed as the Resolution Professional (RP). Uttam Strips Ltd. is involved in the manufacturing of steel and steel products. The company faced insolvency due to strategic expansion between 2008 and 2012, which increased installed capacity from 75,000 MTPA to 2,50,000 MTPA, and venturing into home furnishing products, leading to defaults with lenders. Jyoti Strips Ltd. (RA) submitted a resolution plan that was approved by the CoC with 100% votes. The resolution plan included restructuring operations, raw material sourcing, and financial proposals. The RA requested specific reliefs,

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Jyoti Strips Ltd. complies with the mandatory requirements …

**Ratio:** The resolution plan must comply with Section 30(2) of the IBC, which includes provisions

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**Reasoning:** The tribunal examined the resolution plan to ensure it met the requirements of Section

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**Interpretation:** Section 30(2) and Regulation 38(1A) are interpreted to ensure that the

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**Application:** The tribunal found that the resolution plan complied with the mandatory

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## Parties

- **Judges:** Ina Mal…; V.K. SUB…
- **Respondents:** Uttam Strip…

## Timeline

- **2018-04-09 — Admission of Ap…**: The Tribunal admitted the application filed under Section 9 of the Code by Power2sme Pvt.…
- **2018-05-15 — Appointment of…**: The resolution professional was appointed in the 1st meeting of the CoC held on…

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