# Approval of Resolution Plan - Rishra Steel Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01974. The case pertains to an application filed under Sections 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rishra-steel-limited-75b318df

## Summary

### Background

The case pertains to an application filed under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The application seeks approval and final sanction of a Resolution Plan for Rishra Steel Limited, a Corporate Debtor, which has been approved by the Committee of Creditors (CoC). The Resolution Plan was submitted by Geepee Softtech Services Private Limited in consortium with JK Urbanscapes Developers Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and an Interim Resolution Professional was appointed on 18.07.2022. Public announcements were made, and claims were invited from creditors. The

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## Facts

The National Company Law Tribunal (NCLT), Kolkata, is considering an application for the approval and final sanction of a Resolution Plan for Rishra Steel Limited, a Corporate Debtor, under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 18.07.2022, and Mr. Nitin Daga was appointed as the Resolution Professional. A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, with Deccan Traders Private Limited as the sole financial creditor holding 100% of the voting share. The Resolution Plan, submitted by Geepee Softtech Services Private Limited in consortium with JK Urbanscapes Developers Limited, was approved by the CoC with 100%

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Geepee Softtech Services Private Limited in consortium …

**Ratio:** The Adjudicating Authority's discretion is circumscribed by Section 31 of the I&B

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**Reasoning:** The Adjudicating Authority examined the compliance of the Resolution Plan with the

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**Interpretation:** The Resolution Plan must conform to the requirements of Section 30(2) of the

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Geepee

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## Parties

- **Judges:** BIDISHA BA…; SHRI. D.A…
- **Appellants:** NATIONAL OIL…
- **Respondents:** Rishra Steel…

## Timeline

- **2022-07-18 — Appointment of Interim…**: Interim Resolution Professional…
- **2022-07-20 — Public Annou…**: Public announcement made in newspapers…

## 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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