# Approval of Resolution Plan - Nyka Steels Private Limited

> NCLT judgment dated 2024-06-27. Citation: TCN-2024-NCLT-01114. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Nyka Steels Private…

- **Court:** NCLT
- **Order date:** 27 Jun 2024
- **Citation:** TCN-2024-NCLT-01114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nyka-steels-private-limited-4f67e558

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Nyka Steels Private Limited. The CIRP was initiated following an application by AJS Impex Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Hitesh Kothari was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Avil Menezes as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, workers, employees, and government bodies. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution plan. Extensions were sought for the CIRP period. Lalita Santosh Powle in Consortium with Pravesh Seafood Private Limited submitted a resolution plan,

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nyka Steels Private Limited based on an application by AJS Impex Private Limited, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide an order dated 03.02.2023. Mr. Hitesh Kothari was appointed as the Interim Resolution Professional (IRP), and later Mr. Avil Menezes was appointed as the Resolution Professional (RP). A public announcement was made on 10.02.2023 to invite claims from creditors, workers, employees, and government bodies. The Committee of Creditors (CoC) was constituted, and its first meeting was held on 09.03.2023. The RP published Form G on 21.06.2023, with the last date for submission of the resolution plan being

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the mandatory

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**Reasoning:** The Adjudicating Authority considered the Resolution Professional's confirmation that the

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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**Application:** The Adjudicating Authority, based on the RP's confirmation and its own perusal

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Avil Me…
- **Respondents:** Nyka Steels…; AJS Impex Private…

## Timeline

- **2020-01-01 — CP (IB) No.1009/MB/C-IV/…**: Filing of CP (IB)…
- **2023-02-03 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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