# Approval of Resolution Plan - Sail-SCL Kerala Limited

> NCLT judgment dated 2024-05-02. Citation: TCN-2024-NCLT-01475. The case involves an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLT-01475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sail-scl-kerala-limited-e01fd3ad

## Summary

### Background

The case involves an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan concerning 'SAIL – SCL Kerala Limited,' the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by 'Canara Bank' under Section 7 of the Code. Anish Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the Resolution Plan with a 100% voting share in its 9th meeting held on 30.12.2023.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against SAIL - SCL Kerala Limited after Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Anish Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and Expression of Interests (EOIs) were invited from Prospective Resolution Applicants (PRAs). Chhattisgarh Outsourcing Services Pvt. Ltd (SRA) submitted a Resolution Plan, which was approved by the CoC with a 100% voting share. The RP issued a Letter of Intent (LOI) to the SRA, who submitted a performance bank guarantee. The Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Chhattisgarh Outsourcing Services Pvt. Ltd meets the …

**Ratio:** The Adjudicating Authority (NCLT) is required to satisfy itself that the resolution plan

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**Reasoning:** The NCLT perused the documents on record and found that the Resolution Plan is in

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** In this case, the NCLT reviewed the Resolution Plan and found that it met the

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## Parties

- **Judges:** Shri. Shyam Babu…; TMT. Justice T…
- **Appellants:** Anish Ag…; Anishag…
- **Respondents:** SAIL - SCL KERALA…
- **Advocates:** Shaunak…; Rachit La…; +2 more

## Timeline

- **2023-03-23 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-03-26 — Public Annou…**: Public Announcement made under Form-A inviting claims from the Creditors of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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