# Approval of Resolution Plan - Singhal Strips Limited

> NCLT judgment dated 2025-04-30. Citation: TCN-2025-NCLT-00146. The application I.A./56/2024 was filed under Section 30(6) read with Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 30 Apr 2025
- **Citation:** TCN-2025-NCLT-00146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-singhal-strips-limited-73372ef9

## Summary

### Background

The application I.A./56/2024 was filed under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It was filed by Anil Kohli, the Resolution Professional of Singhal Strips Limited, seeking approval of the Resolution Plan submitted by Puma Realtors Private Limited, which was approved by the Committee of Creditors (CoC) in its 10th meeting through e-voting on 04.09.2024 and 05.09.2024. The Corporate Insolvency Resolution Process (CIRP) was initiated against Singhal Strips Limited by the Adjudicating Authority on 30.10.2023, based on an application filed by Jindal Stainless Limited under Section 9 of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Singhal Strips Limited following an application by Jindal Stainless Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Hemant Sethi was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Anil Kohli. A public announcement was made on 11.11.2023, inviting claims from financial and operational creditors. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the progress of the CIRP and evaluate resolution plans. Six resolution plans were initially submitted, and the CoC requested prospective resolution applicants (PRAs) to enhance their financial proposals. After several revisions and deliberations, the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Puma Realtors Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) sets out the minimum standards a resolution plan must adhere to

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**Application:** In this case, the Adjudicating Authority determined that the Resolution Plan

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Anu Jagmoha…
- **Appellants:** JINDAL STAINLESS…
- **Respondents:** SINGHAL STRIPS…; Sanjay Kr.…

## Timeline

- **2019-01-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Singhal Strips Limited…
- **2023-10-30 — Order by Adjudicating…**: Adjudicating Authority issued an order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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