# Approval of Resolution Plan - Superdrawn Wire Industries Private Limited

> NCLT judgment dated 2023-09-19. Citation: TCN-2023-NCLT-01551. The case pertains to IA/933(AHM)2023 filed in CP(IB) 177 of 2020 under Section 30(6) and 31 of…

- **Court:** NCLT
- **Order date:** 19 Sept 2023
- **Citation:** TCN-2023-NCLT-01551
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-superdrawn-wire-industries-private-limited-997d3fba

## Summary

### Background

The case pertains to IA/933(AHM)2023 filed in CP(IB) 177 of 2020 under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI Regulations, seeking approval of the resolution plan for Superdrawn Wire Industries Private Limited. The CIRP commenced on 2022-03-16 following an application under Section 7 by Teco Industries. An IRP was appointed, and subsequently replaced by Mr. Dinesh Gopal Mundada, and then by Mr. Manish Santosh Buchasia. Several IAs were filed, including challenges to the CoC constitution and requests for CIRP extension. The CoC approved the resolution plan submitted by ASEL Financial Services Limited with 100% voting share.

## Facts

Superdrawn Wire Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Teco Industries under Section 7 of the IBC. Several Interim Applications (IAs) were filed during the CIRP, including challenges to the constitution of the Committee of Creditors (CoC) and requests for extension of the CIRP period. The CoC, comprised of sole financial creditor Raj Radhe Finance Limited, approved a resolution plan submitted by ASEL Financial Services Limited with 100% voting share. The resolution plan proposed a payment structure for various creditors, including secured financial creditors, unsecured financial creditors, and operational creditors. The Resolution Applicant, ASEL Financial Services Limited, provided Rs. 10,00,000/- to the RP and

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by ASEL Financial Services Limited complies with the …

**Ratio:** The Adjudicating Authority's power is circumscribed by Section 31, limited to

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**Reasoning:** The tribunal analyzed the resolution plan to ensure it provides for payment of insolvency

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**Interpretation:** Section 30(2) and Section 31 of the IBC define the parameters within which the

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**Application:** The tribunal found that the resolution plan complied with Section 30(2) and

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Manish Bh…
- **Respondents:** Superdrawn Wire…

## Timeline

- **2020-01-01 — CP(IB) 177…**: Case fil…
- **2022-03-16 — CIRP Commen…**: CIRP commenced vide order dated 2022-03-16 on an application under Section 7 filed by…

## 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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