# Approval of Resolution Plan - Reform Ferro Cast Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-00316. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-00316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-reform-ferro-cast-limited-7b3652e1

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan submitted by Algoquant Financials LLP for Reform Ferro Cast Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a resolution professional was appointed. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting share. The resolution professional sought approval from the Adjudicating Authority for the resolution plan.

## Facts

Reform Ferro Cast Limited, an unlisted public limited company incorporated on December 7, 2006, faced financial difficulties leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The company's factory has been closed since mid-2015. The CIRP was initiated on November 21, 2022, and Mr. Arun Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and constituted the Committee of Creditors (CoC). The last date for submission of claims was December 5, 2022. The CoC comprised State Bank of India, Adhunik Dealtrade Pvt. Ltd., and Shivam Singh. Algoquant Financials LLP submitted a resolution plan, which was approved by the CoC with 100% voting share. The SRA deposited a Performance Security of Rs.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Algoquant Financials LLP complies with the provisions of …

**Ratio:** The resolution plan must comply with Sections 30 and 31 of the I&B Code, 2016, and

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**Reasoning:** The Adjudicating Authority perused the documents and found that the resolution plan

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**Interpretation:** The resolution plan must adhere to the statutory requirements of the I&B

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**Application:** The Adjudicating Authority examined the resolution plan and found that it met

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** State Bank of…
- **Respondents:** REFORM FERRO CAST…; Basant…

## Timeline

- **2006-12-07 — Incorporation of…**: Reform Ferro Cast…
- **2015-06-01 — Closure of…**: The factory of Reform Ferro Cast…

## 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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