# Approval of Resolution Plan - Purulia Metal Casting Private Limited

> NCLT judgment dated 2025-01-07. Citation: TCN-2025-NCLT-00672. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 7 Jan 2025
- **Citation:** TCN-2025-NCLT-00672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-purulia-metal-casting-private-limited-132cc0d2

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency & Bankruptcy Code, 2016, along 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 Purulia Metal Casting Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP vide CP (IB) No. 346/KB/2021 by an order of the Tribunal dated 18/10/2023. Jitendra Lohia was initially appointed as the Interim Resolution Professional but was later replaced by Pratim Bayal. An appeal was filed before the NCLAT, New Delhi, against the impugned order dated 18.10.2023, which was later dismissed on 08.01.2024.

## Facts

The Corporate Debtor, Purulia Metal Casting Private Limited, underwent CIRP following an order dated 18/10/2023. Jitendra Lohia was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Pratim Bayal. An appeal against the CIRP initiation was dismissed by the NCLAT on 08/01/2024. The Resolution Professional (RP) published Form G, inviting expressions of interest (EOIs), and received 15 EOIs by 19/03/2024. The RP verified the EOIs and shared relevant information with prospective resolution applicants. The Committee of Creditors (CoC) conducted multiple meetings to discuss and revise financial bids. DD International Private Limited was declared the H1 bidder. The CoC negotiated with the H1 and H2 bidders, leading to a final revised bid

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by DD International Private Limited complies with the …

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

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure that it complied with the mandatory

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

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**Application:** In this case, the Tribunal found that the Resolution Plan submitted by DD

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** Purulia Metal…; Debasish Chakrabar…

## Timeline

- **2023-10-18 — Admission in…**: The Corporate Debtor was admitted into CIRP vide CP (IB) No. 346/KB/2021 by an order of…
- **2024-01-08 — Dismissal of…**: An appeal filed before the NCLAT, New Delhi, against the impugned order dated 18.10.2023,…

## 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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