# Approval of Resolution Plan - Pami Metals Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03271. The case involves an application under Section 30(6) and Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-pami-metals-private-limited-07500122

## Summary

### Background

The case involves an application under Section 30(6) and Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan. The Corporate Debtor, Pami Metals Private Limited, underwent a Corporate Insolvency Resolution Process (CIRP) initiated on 05.11.2021. The Resolution Professional (RP) was confirmed on 12.01.2022. The CIRP involved public announcements, seeking exclusion and extension of CIRP duration, inviting Expression of Interest (EOI), and conducting Committee of Creditors (CoC) meetings to evaluate resolution plans. Eastern Copper Manufacturing Company Private Ltd. was declared

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## Facts

Pami Metals Private Limited, the Corporate Debtor, underwent CIRP initiated on 05.11.2021. Sreenath Finvest Pvt Ltd. & Ors. is the Financial Creditor. Jitendra Lohia was appointed as the Resolution Professional (RP). The RP made public announcements and invited EOIs. The last date for submission of EOI was 2nd February, 2022. The CoC extended the last date for submission of the Resolution Plan to 6th April, 2022. Eastern Copper Manufacturing Company Private Ltd. submitted a Resolution Plan that was approved by 86.02% of the CoC members. The SRA submitted a performance security of Rs. 1.06 Crores. Mr. Rajesh Damani also submitted a resolution plan but failed to submit the mandatory EMD of Rs. 1 Crore, leading to non-compliance with RFRP terms. The NCLT directed the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Eastern Copper Manufacturing Company Private Ltd. complies …

**Ratio:** Section 30(2) of the IBC, 2016 outlines the requirements for a Resolution Plan, including

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complies with the mandatory provisions

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**Interpretation:** The Resolution Plan must adhere to the statutory requirements outlined in

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**Application:** The NCLT found that the Resolution Plan submitted by Eastern Copper

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Sreenath Finvest…
- **Respondents:** Pami Metals…
- **Advocates:** Shaunak…; Jitendra…; +11 more

## Timeline

- **2021-11-05 — CIRP Commen…**: Corporate Debtor…
- **2022-01-12 — RP Confir…**: Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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