# Approval of Resolution Plan - Metistech Fabricators Private Limited

> NCLT judgment dated 2025-03-28. Citation: TCN-2025-NCLT-00291. The case involves an application filed by the Resolution Professional (RP) of Metistech…

- **Court:** NCLT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLT-00291
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-metistech-fabricators-private-limited-b60f384d

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Metistech Fabricators Private Limited, seeking approval of a resolution plan approved by the Committee of Creditors (CoC) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. 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 took steps to identify creditors, constitute the CoC, and invite resolution plans. The Corporate Debtor faced challenges including lack of cooperation from suspended directors and issues with asset custody and valuation.

## Facts

The Resolution Professional (RP) of Metistech Fabricators Private Limited filed an application seeking approval of a resolution plan. The insolvency process was initiated by Rourkela Steel Syndicate. The RP invited claims from creditors and constituted the Committee of Creditors (CoC). The Corporate Debtor (CD) faced financial difficulties, including owing dues to IDBI Bank. The RP encountered challenges in taking control of the CD's assets due to non-cooperation from suspended directors. The CoC consisted of IDBI Bank as the sole financial creditor. The RP appointed valuers to assess the CD's assets, which primarily comprised securities and financial assets. The RP filed applications for transaction audits and to address potentially preferential, undervalued,

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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 it complied with the requirements of

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**Interpretation:** Section 30(2) sets out the minimum requirements that a resolution plan must

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**Application:** The court found that the resolution plan submitted by Subhalaxmi Investment

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## Parties

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

## Timeline

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

## 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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