# Approval of Resolution Plan - Neerajakshi Iron & Steel Private Limited

> NCLT judgment dated 2025-03-25. Citation: TCN-2025-NCLT-00312. 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-00312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-neerajakshi-iron-steel-private-limited-a3b774da

## 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 CD was admitted into 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 IBC. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the Insolvency Resolution Professional (IRP), later replaced by the Applicant. The Committee of Creditors (CoC) was formed, consisting of a single financial creditor, M/s RARE Asset Reconstruction Limited, holding 100% of the voting share.

## Facts

The Corporate Debtor, M/s Neerajaksha Iron & Steel Pvt Ltd, underwent Corporate Insolvency Resolution Process (CIRP) following an application by Corporation Bank under Section 7 of the IBC. The CIRP was initiated on 27.09.2019. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the IRP, later replaced by the Applicant. The CoC consisted of a single financial creditor, M/s RARE Asset Reconstruction Limited, holding 100% of the voting share. The CoC invited Expression of Interest (EoI) and evaluated multiple Resolution Plans. The GST Department filed a claim for dues, which was admitted and incorporated into the revised Resolution Plan. Shivshakti Enterprises' Resolution Plan was approved by the CoC with 100% voting share. The Resolution Plan included

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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 and Regulations 37, 38, 38(1A), and 39(4) of the Regulations

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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 concerns the compliance of the Resolution Plan with the

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**Application:** The Tribunal applied the provisions of Section 30(2) and the relevant

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## Parties

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

## Timeline

- **2019-09-27 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by…
- **2019-10-28 — 1st CoC M…**: The IRP was confirmed as the 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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