# Approval of Resolution Plan - Steelco Gujarat Limited

> NCLT judgment dated 2023-07-31. Citation: TCN-2023-NCLT-02257. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 31 Jul 2023
- **Citation:** TCN-2023-NCLT-02257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-steelco-gujarat-limited-157750be

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan for M/s. Steelco Gujarat Limited, the Corporate Debtor. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 31.12.2020 following an application by the State Bank of India, a Financial Creditor. Mr. Nirav Anupam Tarkas was appointed as the Interim Resolution Professional (IRP), who then made public announcements, collated claims, and constituted the Committee of Creditors (CoC). During the CIRP, a CoC member assigned its debt to M/s. Omkara Assets Reconstruction Private Limited. The resolution plan submitted by M/s. Next Orbit Growth Fund III was approved by the CoC with

…

## Facts

The Corporate Debtor, M/s. Steelco Gujarat Limited, was admitted into CIRP on 31.12.2020, based on an application by State Bank of India. Nirav Anupam Tarkas was appointed as the IRP and later confirmed as the RP. The CoC was formed, including Omkara Assets Reconstruction Private Limited with a 66.28% voting share. Several resolution applicants submitted EOIs, including Next Orbit Growth Fund III. The CoC decided to provide a fair opportunity for revised resolution plans, leading to multiple CoC meetings. State Bank of India assigned its debt to Omkara Assets Reconstruction Private Limited. The CoC considered an order dated 06.05.2022, directing a decision on pending resolution applications. The RP published a fresh Form G on 26.06.2022, inviting bids, with a

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Next Orbit Growth Fund III meets the requirements of …

**Ratio:** The legal principle applied is that a resolution plan must comply with the provisions of

…

**Reasoning:** The court reasoned that the resolution plan was duly approved by the CoC with a 100%

…

**Interpretation:** The interpretation involves ensuring that the resolution plan adheres to the

…

**Application:** The ratio and reasoning were applied to the specific facts of the case,

…

## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** CA Nirav Anupam…
- **Respondents:** M/s. Steelco…; Ajay Pratapray…
- **Advocates:** Jaimin…; Hirva…; +9 more

## Timeline

- **2020-12-31 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on…
- **2021-02-10 — First CoC M…**: On 10.02.2021, the first CoC meeting was held wherein the appointment of the…

---

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-steelco-gujarat-limited-157750be