# In the matter of Vaksh Steels Private Limited IA No. 69-2020 in CP (IB) No. 499-7-HDB-2018

> NCLT judgment dated 2020-01-31. Citation: TCN-2020-NCLT-02116. The case involves an Interlocutory Application filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 31 Jan 2020
- **Citation:** TCN-2020-NCLT-02116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vaksh-steels-private-limited-ia-no-69-2020-in-cp-ib-no-499-7-hdb-2018-990f0843

## Summary

### Background

The case involves an Interlocutory Application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a Resolution Plan under Section 31(1) of the IBC. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Vaksh Steels Private Limited after a petition filed by State Bank of India (SBI) under Section 7 of the IBC was admitted on 14.02.2019. Kalvakolanu Murali Krishna Prasad was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional. The Resolution Professional received two resolution plans from M/s SVSS Commercial Pvt Limited and M/s Kamani Metalliks Private Limited. After revisions and deliberations, the CoC approved the resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Vaksh Steels Private Limited following the admission of a petition filed by State Bank of India (SBI) under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 14.02.2019. Kalvakolanu Murali Krishna Prasad was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Resolution Professional issued public announcements inviting claims from creditors. The Committee of Creditors (CoC) was initially comprised of State Bank of India (SBI) with 100% voting share and later replaced by Prudent ARC Limited. The Resolution Professional received two resolution plans from M/s SVSS Commercial Pvt Limited and M/s Kamani Metalliks Private Limited. The

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## Issues and analysis

### Issue 1: Whether the Revised Final Resolution Plan dated 04.01.2020 submitted by M/s SVSS COMMERCIAL PRIVATE …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 states that if the Adjudicating

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**Reasoning:** The NCLT was satisfied that the Revised Final Resolution Plan dated 04.01.2020 submitted

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**Interpretation:** Section 31(1) mandates the approval of a resolution plan if it meets the

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**Application:** The NCLT applied Section 31(1) to the facts of the case, noting that the

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** State Bank of…
- **Respondents:** Vaksh Steels…; Vaksh Steels Pvt…

## Timeline

- **2018-01-01 — CP (IB) No.499/7/HDB/201…**: Company Petiti…
- **2019-02-14 — Admission of…**: Company Petition bearing CP(IB) No. 499/7/HDB/2018 filed by State Bank of India was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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