# Approval of Resolution Plan - Mittal Corp. Limited

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01130. The case pertains to an application filed under section 30(6) r/w Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 18 Oct 2023
- **Citation:** TCN-2023-NCLT-01130
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mittal-corp-limited-17700ad7

## Summary

### Background

The case pertains to an application filed under section 30(6) r/w Section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regarding the corporate insolvency resolution process (CIRP) of Mittal Corp Limited. The CIRP was initiated by Punjab National Bank (Erstwhile Oriental Bank of Commerce) under Section 7 of the Code on 10.11.2021. Mr. Ashok Kumar Gulla was appointed as the Interim Resolution Professional (IRP), and subsequently, the Committee of Creditors (CoC) was constituted on 01.12.2021. The resolution plan submitted by Shyam Sel and Power Limited was approved by 100% of the CoC votes.

## Facts

Mittal Corp Limited was incorporated on 05.07.1985, initially as Jewels Steel Limited, later renamed Jewel Seamless Limited, and finally Mittal Corp Limited. The company manufactures stainless steel products. Due to continuous losses and defaults in repayment to a consortium of banks led by Punjab National Bank, the account was declared NPA in 2016. The company was overleveraged, making it difficult to service its interest obligations. Punjab National Bank initiated CIRP against Mittal Corp Limited under Section 7 of the IBC on 10.11.2021. Mr. Ashok Kumar Gulla was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 01.12.2021. The applicant received 29 expressions of interest. The 6th meeting of CoC held on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shyam Sel and Power Limited meets the requirements …

**Ratio:** Section 30(6) of the Code enjoins the Resolution Professional to submit the Resolution

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents and was

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**Interpretation:** Section 30(2) of the Code specifies the mandatory requirements that a

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**Application:** The Adjudicating Authority determined that the Resolution Plan submitted by

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** SHAILENDRA…
- **Respondents:** Mittal Corp…; Punjab National…

## Timeline

- **1985-07-05 — Incorpor…**: The Corporate Debtor was incorporated…
- **2016-01-01 — Account Decla…**: The account of the Corporate…

## 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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