# Approval of Resolution Plan - Metistech Fabricators Private Limited

> NCLT judgment dated 2025-03-28. Citation: TCN-2025-NCLT-00286. The case involves an application filed by the Resolution Professional (RP) of Metistech…

- **Court:** NCLT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLT-00286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-metistech-fabricators-private-limited-690c2231

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Metistech Fabricators Private Limited, seeking approval of a resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC). The insolvency application was initially filed by Rourkela Steel Syndicate under Section 9 of the Code and was admitted on 2023-11-01. The RP, Ajay Gupta, was appointed to carry out the Corporate Insolvency Resolution Process (CIRP). Public notice was issued inviting creditors to submit their claims. Initially, IDBI Bank did not submit a claim, but later submitted a claim which was admitted provisionally. The Committee of Creditors (CoC) was reconstituted with IDBI Bank as the sole financial creditor. The RP faced challenges in taking over control

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## Facts

Metistech Fabricators Private Limited (Corporate Debtor) underwent CIRP following an application by Rourkela Steel Syndicate under Section 9 of the IBC, admitted on 2023-11-01. Ajay Gupta was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. IDBI Bank initially did not file a claim but later submitted one, leading to the reconstitution of the Committee of Creditors (CoC) with IDBI Bank as the sole financial creditor. The RP faced difficulties in taking control of the Corporate Debtor's assets due to non-cooperation from suspended directors. The Corporate Debtor's assets mainly comprised securities and financial assets, including inventory. Two registered valuers were appointed to value the assets. The last

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Subhalaxmi Investment Advisory Pvt Ltd meets the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The court examined the resolution plan to ensure that it adequately addresses the payment

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**Interpretation:** Section 30(2) is interpreted to require a comprehensive and legally sound

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**Application:** The court applied the ratio to the specific facts of the case, confirming that

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Ajay G…
- **Respondents:** METISTECH…; SUBHLAXMI…

## Timeline

- **2023-11-01 — Admission of Insolvency…**: The insolvency application filed by Rourkela Steel Syndicate under Section 9 of the Code…
- **2023-11-16 — Intimation to…**: RP sent an intimation letter to IDBI Bank informing about the initiation of CIRP against…

## 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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