# In the matter of Venky Hi-tech Ispat Ltd. Company Petition (IB) No.158-KB-2018

> NCLT judgment dated 2019-01-08. Citation: TCN-2019-NCLT-05295. The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against Venky…

- **Court:** NCLT
- **Order date:** 8 Jan 2019
- **Citation:** TCN-2019-NCLT-05295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/venky-hi-tech-ispat-ltd-company-petition-ib-no158-kb-2018-72bb3598

## Summary

### Background

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against Venky Hi-Tech Ispat Ltd. due to its inability to pay a debt exceeding Rs. 25 crores to its financial creditor, Laxmi Glasslands Pvt. Ltd. Laxmi Glasslands Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority admitted the application and initiated CIRP. An Interim Resolution Professional (IRP) was appointed, who took charge of the affairs of the Corporate Debtor and made a public announcement of the CIRP, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and Laxmi Glasslands Private Ltd. The CoC approved a resolution plan submitted by Gliana Tradecom LLP.

## Facts

Laxmi Glasslands Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) due to its inability to pay a debt exceeding Rs. 25 crores. The Adjudicating Authority admitted the application on 2018-05-08 and initiated the Corporate Insolvency Resolution Process (CIRP). Mr. Jitendra Lohia was appointed as the Interim Resolution Professional (IRP). The IRP took charge and made a public announcement on 2018-05-12, inviting claims from creditors by 2018-05-22. The IRP received claims from two financial creditors and nine operational creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India (99.43% voting share) and Laxmi Glasslands

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Gliana Tradecom LLP meets the requirements of Section …

**Ratio:** Section 30 of the I&B Code specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complied with

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**Interpretation:** Section 30 of the I&B Code sets out the mandatory requirements for a

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**Application:** The Adjudicating Authority found that the resolution plan provided for the

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## Parties

- **Judges:** Madan B.…
- **Respondents:** Venky Hi-Tech…

## Timeline

- **2018-05-08 — Admission of Ap…**: The Adjudicating Authority admitted the…
- **2018-05-12 — Public Announcement of…**: The IRP made public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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