# Approval of Resolution Plan - RPA Ferro-Industries Private Limited

> NCLT judgment dated 2023-07-12. Citation: TCN-2023-NCLT-02547. The case pertains to an application (IA 1301/MB-V/2023) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 12 Jul 2023
- **Citation:** TCN-2023-NCLT-02547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rpa-ferro-industries-private-limited-a6babd93

## Summary

### Background

The case pertains to an application (IA 1301/MB-V/2023) filed in connection with a corporate insolvency resolution process (CIRP) initiated against RPA Ferro Industries Private Limited (Corporate Debtor) under Section 30 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by Mr. Kumar Rajan, the Resolution Professional (RP), seeking approval of the resolution plan submitted by Shree Padmanabh Ispat Pvt. Ltd. The CIRP was initiated following a petition filed by State Bank of India, the Financial Creditor, under Section 7 of the IBC. The RP was appointed after the petition was admitted. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against RPA Ferro Industries Private Limited following a petition filed by State Bank of India under Section 7 of the IBC. Mr. Kumar Rajan was appointed as the Resolution Professional (RP). Public announcement was made, leading to 14 claims from creditors (4 financial, 10 operational). The Committee of Creditors (CoC) was formed, and multiple meetings were held. The CIRP period was extended several times. The RP received multiple resolution plans, including one from the promoter, Mr. Sushant Agarwal, which was rejected due to disqualification under Section 29A of the IBC. The CoC approved the resolution plan submitted by Shree Padmanabh Ispat Pvt. Ltd. with 100% voting share. The approved resolution plan

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shree Padmanabh Ispat Pvt. Ltd. meets the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet to

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**Reasoning:** The NCLT examined the Resolution Plan and found that it provides for the payment of

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**Interpretation:** Section 30(2) of the IBC is interpreted to mean that a resolution plan must

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by Shree

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** KumarR…
- **Respondents:** RPA Ferro…; State Bank of…

## Timeline

- **2019-01-01 — CP (IB) No.3823/MB-V/201…**: The Corporate Insolvency…
- **2022-03-15 — Admission of…**: Tribunal admitted the Petition filed by the Financial Creditor under Section 7 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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