# Approval of Resolution Plan - Rana Heavy Engineering Ltd.

> NCLT judgment dated 2024-04-19. Citation: TCN-2024-NCLT-01669. The case pertains to an application for approval of a resolution plan for Rana Heavy…

- **Court:** NCLT
- **Order date:** 19 Apr 2024
- **Citation:** TCN-2024-NCLT-01669
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rana-heavy-engineering-ltd-266d2a6a

## Summary

### Background

The case pertains to an application for approval of a resolution plan for Rana Heavy Engineering Limited, a corporate debtor, under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Rana Heavy Engineering Ltd. after an application filed by Bank of India under Section 7 of the IBC. The CIRP was admitted on 03.03.2023, and Mr. Hemi Gupta was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Hadirah Steels Private Limited as the sole financial creditor. The RP sought approval for the resolution plan submitted by Hadirah Steels Private Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Rana Heavy Engineering Ltd. following an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on March 3, 2023. Mr. Hemi Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on March 8, 2023, and the last date for submission of claims was March 7, 2023. The Committee of Creditors (CoC) was constituted on March 23, 2023, with Hadirah Steels Private Limited as the sole financial creditor holding 100% voting share. The total claims admitted amounted to Rs. 44,20,96,609. The RP received a resolution plan from Hadirah Steels Private

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Hadirah Steels Private Limited complies with the …

**Ratio:** Sections 30 and 31 of the IBC lay down the procedure and requirements for the submission

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**Reasoning:** The Adjudicating Authority perused the documents on record and was satisfied that the

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to mean that a resolution plan

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 to the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** RANA HEAVY…

## Timeline

- **2022-01-01 — Company Petiti…**: Company Petition CP (IB) No.50/ALD/2022 filed by the Bank of India under Section 7 of the…
- **2023-03-03 — CIRP Admi…**: CIRP initiated against the Corporate Debtor Namely M/s Rana Heavy Engineering Ltd. which…

## 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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