# Approval of Resolution Plan - Steelco Gujarat Limited

> NCLT judgment dated 2023-07-31. Citation: TCN-2023-NCLT-02272. 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-02272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-steelco-gujarat-limited-766cc966

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of a resolution plan for M/s. Steelco Gujarat Limited, the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 31.12.2020 following an application by the State Bank of India. Mr. Nirav Anupam Tarkas was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and during the CIRP, State Bank of India assigned its debt to M/s. Omkara Assets Reconstruction Private Limited, which acquired a 66.28% stake in the CoC. The CoC approved a resolution plan submitted by M/s. Next Orbit

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## Facts

Key facts of the case include:
- The Corporate Debtor, M/s. Steelco Gujarat Limited, was admitted into CIRP on 31.12.2020.
- The application was filed by State Bank of India under Section 7 of the IBC.
- Mr. Nirav Anupam Tarkas was appointed as IRP and later confirmed as RP.
- The CoC included Omkara Assets Reconstruction Private Limited with a 66.28% voting share.
- M/s. Next Orbit Growth Fund III submitted a resolution plan that was approved by the CoC on 30.07.2022 with 100% voting share.
- The liquidation value of the Corporate Debtor is Rs. 82,60,39,995/-, and the value of the Resolution Plan is Rs. 86,15,00,000/-, which is more than the liquidation value.
- The CIRP cost aggregates to Rs. 1.75 Crores, which will keep increasing by Rs. 10.00 lacs per month until the date

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## Issues and analysis

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

**Ratio:** Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, outline the

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**Reasoning:** The Adjudicating Authority noted that the CoC had approved the resolution plan submitted

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**Interpretation:** Section 30(6) and Section 31 of the IBC are interpreted to mean that a

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**Application:** In this case, the Adjudicating Authority found that the resolution plan

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Appellants:** CA Nirav Anupam…
- **Respondents:** M/s. Steelco…; Ajay Pratapray…

## Timeline

- **2020-12-31 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on…
- **2020-12-31 — Appointment…**: Mr. Nirav Anupam Tarkas was appointed as the…

## 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)

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