# Approval of Resolution Plan- Abhirama Steels Limited

> NCLT judgment dated 2024-09-17. Citation: TCN-2024-NCLT-00592. The case pertains to an application filed by the Resolution Professional (RP) of M/s. Abhirama…

- **Court:** NCLT
- **Order date:** 17 Sept 2024
- **Citation:** TCN-2024-NCLT-00592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-abhirama-steels-limited-26c014db

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of M/s. Abhirama Steels Ltd, the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan submitted by M/s. Dwaraka Iron Industries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by an Operational Creditor under Section 9 of the IBC. The RP issued a public announcement and constituted a Committee of Creditors (CoC). The Resolution Applicant (Dwaraka Iron Industries Private Limited) submitted a resolution plan which was approved by the CoC with 100% voting share. The resolution plan involves a total amount of Rs. 14.50 Crores.

## Facts

M/s. Abhirama Steels Ltd. underwent Corporate Insolvency Resolution Process (CIRP) following the admission of a petition by an Operational Creditor. The Interim Resolution Professional (IRP) was appointed and later confirmed as the Resolution Professional (RP). The RP issued a public announcement and constituted a Committee of Creditors (CoC) consisting of Indian Bank (92.92% voting share) and Arien Trading Private Limited (7.08% voting share). Claims were received from various Operational and Financial Creditors. The total claim of Operational Creditors was Rs. 16,84,74,606/-, and the total claim of Financial Creditors was Rs. 43,03,44,490/-. The RP appointed registered valuers to value the properties of the Corporate Debtor. The Resolution Professional issued a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Dwaraka Iron Industries Private Limited meets the …

**Ratio:** The Resolution Plan must comply with the provisions of Section 30(2) of the IBC, which

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**Reasoning:** The NCLT reviewed the Resolution Plan to ensure that it met all the requirements of

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by M/s. Dwaraka

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Abhirama Steels…; BinjusariaIspat…

## Timeline

- **2019-01-01 — CP (IB) No.525/9/HDB/201…**: Filing of the Corporate Insolvency…
- **2021-11-16 — Admission of…**: Tribunal admitted the petition filed by the Operational Creditor under Section 9 of IBC,…

## 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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