# Approval of Resolution Plan - Neerajaksha Iron & Steel Pvt. Ltd.

> NCLT judgment dated 2025-03-25. Citation: TCN-2025-NCLT-00314. The case involves an application filed by the Resolution Professional (RP) of the Corporate…

- **Court:** NCLT
- **Order date:** 25 Mar 2025
- **Citation:** TCN-2025-NCLT-00314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-neerajaksha-iron-steel-pvt-ltd-09c4e85d

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor (CD), M/s Neerajaksha Iron & Steel Pvt Ltd., under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), seeking approval of a Resolution Plan under Section 31(1) of the Code. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 27.09.2019, following a petition filed by Corporation Bank, the Financial Creditor, under Section 7 of the IBC. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the Insolvency Resolution Professional (IRP).

## Facts

The Corporate Debtor, M/s Neerajaksha Iron & Steel Pvt Ltd, was admitted into CIRP on 27.09.2019 based on a petition by Corporation Bank under Section 7 of IBC. The CoC consisted of M/s RARE Asset Reconstruction Limited, holding 100% voting share, with an admitted claim of Rs 2,857.90 lakhs. The IRP was confirmed as RP during the first CoC meeting on 28.10.2019. The RP issued an Invitation for Expression of Interest (EoI) on 15.02.2020. The CoC approved the Request for Resolution Plan (RFRP) document on 12.03.2020, setting a deadline of 15.04.2020 for submission of Resolution Plans. The GST Department filed an IA No 1174 of 2024, which was allowed on 08.11.2024, leading to a revised Resolution Plan approved on 22.01.2025, incorporating GST dues up to Rs 10 lakhs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Shivshakti Enterprises satisfies the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must meet to be

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**Reasoning:** The Tribunal carefully considered the submissions made by the Applicant RP and reviewed

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**Interpretation:** This legal issue requires the Tribunal to assess whether the Resolution Plan

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**Application:** The Tribunal applied the requirements of Section 30(2) and related regulations

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Corporatio…
- **Respondents:** Neerajakshi Iron…

## Timeline

- **2019-09-27 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…
- **2019-10-28 — Confirmatio…**: IRP confirmed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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