# Approval of Resolution Plan - Pami Metals Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03305. The case pertains to an application filed under Section 30(6) and Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-pami-metals-private-limited-a018900f

## Summary

### Background

The case pertains to an application filed 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, seeking approval of a Resolution Plan for Pami Metals Private Limited. The Corporate Debtor was admitted into CIRP on 2021-11-05. The Resolution Professional was confirmed on 2022-01-12. The applicant sought exclusion of 89 days and extension of 90 days, which was granted on 2022-05-24, revising the CIRP closure date to 2022-10-27. The Resolution Plan of Eastern Copper Manufacturing Company Private Limited was approved by 86.02% votes.

## Facts

Sreenath Finvest Pvt Ltd. & Ors. is the Financial Creditor. Pami Metals Private Limited is the Corporate Debtor, admitted into CIRP on 2021-11-05. Jitendra Lohia is the Resolution Professional. Eastern Copper Manufacturing Company Private Ltd. submitted a Resolution Plan that was approved by the CoC with 86.02% votes. The Resolution Plan provides for a total plan value of Rs. 10.51 Crores. Mr. Rajesh Damani's Resolution Plan was rejected due to non-compliance with RFRP, specifically the non-submission of EMD. The applicant sought exclusion of 89 days and extension of 90 days, which was granted on 2022-05-24, revising the CIRP closure date to 2022-10-27. Eastern Copper Manufacturing Company Private Ltd. has submitted Performance Security for a sum of Rs. 1.06 Crores

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## Issues and analysis

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

**Ratio:** Section 30(6) and Section 31(1) of the IBC mandate that the Adjudicating Authority must

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**Reasoning:** The Adjudicating Authority perused the documents on record and the affidavit of the

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**Interpretation:** Section 30(6) and 31(1) of the IBC are interpreted to mean that the

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**Application:** The Adjudicating Authority applied the ratio by examining the Resolution Plan

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Sreenath Finvest…
- **Respondents:** Pami Metals…

## Timeline

- **2021-11-05 — Admission in…**: The Corporate Debtor, Pami Metals…
- **2022-01-12 — Confirmatio…**: The 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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