# Approval of Resolution Plan - Saturn Rings & Forgings Private Limited

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02859. The case involves an application (IA No. 3478/2022) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-saturn-rings-forgings-private-limited-b2d3ce71

## Summary

### Background

The case involves an application (IA No. 3478/2022) filed by the Resolution Professional (RP) of Saturn Rings and Forgings Private Limited ("Corporate Debtor") seeking approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("Code"). Prior to addressing the Resolution Plan approval, the tribunal considered IA No. 787/2023, filed by the RP against the suspended Directors of the Corporate Debtor, seeking declarations regarding fraudulent transactions and directions for contributions to the Corporate Debtor's assets. Additionally, IVN. P. 12/2023, filed by Saturn Ventures and Advisors Private Limited, contested the RP's declaration regarding the ownership of the machinery named Wagner 630 line. The core dispute

…

## Facts

Saturn Rings and Forgings Private Limited ("Corporate Debtor") underwent Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 24.12.2021. S. Gopalkrishnan was appointed as the Interim Resolution Professional (IRP). The RP filed an application (IA No. 3478/2022) seeking approval of the Resolution Plan submitted by Agrasen Engineering India Private Limited ("Successful Resolution Applicant/SRA"). A key dispute arose regarding the ownership of the Wagner 630 line, a piece of machinery. Saturn Ventures and Advisors Private Limited ("Intervenor"), the holding company of the Corporate Debtor, claimed ownership of the Wagner 630 line, asserting it was leased to the Corporate Debtor and later repossessed. The RP contested

…

## Issues and analysis

### Issue 1: Whether the Wagner 630 line is an asset of …

**Ratio:** Depreciation under Income Tax law is allowed to the owner of the assets and in no case

…

**Reasoning:** The tribunal found irrefutable evidence that the Wagner machine was transferred to the

…

**Interpretation:** The court interpreted the accounting entries, hypothecation agreements, and the

…

**Application:** The ratio was applied to the facts by noting that the Corporate Debtor had

…

## Parties

- **Judges:** SH. Justice…; SH. PRABHAT…
- **Appellants:** S. Gopalakr…
- **Respondents:** Saturn Rings &…; Satish Damodar…

## Timeline

- **2012-07-05 — MOU between Intervenor…**: Saturn Ventures and Advisors Private Limited (Intervenor) entered into a Memorandum of…
- **2012-07-13 — Incorporation of…**: Saturn Rings and Forgings Private Limited…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-saturn-rings-forgings-private-limited-b2d3ce71