# Approval of Resolution Plan - Tamra Dhatu Udyog Private Limited

> NCLT judgment dated 2024-01-01. Citation: TCN-2024-NCLT-03376. The case involves multiple Interlocutory Applications (I.A.) filed in the National Company Law…

- **Court:** NCLT
- **Order date:** 1 Jan 2024
- **Citation:** TCN-2024-NCLT-03376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-tamra-dhatu-udyog-private-limited-e6186c48

## Summary

### Background

The case involves multiple Interlocutory Applications (I.A.) filed in the National Company Law Tribunal (NCLT), Kolkata, concerning the Corporate Insolvency Resolution Process (CIRP) of Tamra Dhatu Udyog Private Limited. HDFC Bank initiated the CIRP as a financial creditor. Damodar Das Singhee, a prospective resolution applicant, filed an application (I.A. No. 1652(KB)2023) against the Resolution Professional (RP), Dr. Mamta Binani, and the Committee of Creditors (CoC), seeking dismissal of the resolution plan submitted by Tarun Kumar Singh and reconsideration of his own plan. Kedarnath Mining Pvt Ltd filed an application (I.A. No. 851/KB/2023) seeking to declare Respondents 2 and 3 (Damodar Das Singhee and Tarun Kumar Singh) ineligible to participate in the CIRP and

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## Facts

Tamra Dhatu Udyog Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by HDFC Bank, a financial creditor. Ms. Mamta Binani was appointed as the Resolution Professional (RP). Several parties expressed interest in resolving the insolvency, including Damodar Das Singhee (a promoter), Kedarnath Mining Pvt Ltd, and Tarun Kumar Singh. Damodar Das Singhee filed an application challenging the approval of Tarun Kumar Singh's resolution plan, arguing that his own plan should have been prioritized due to his status as a promoter and the company being an MSME. Kedarnath Mining Pvt Ltd filed an application alleging collusion between Damodar Das Singhee and Tarun Kumar Singh, claiming they were related parties and ineligible to participate in the CIRP.

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## Issues and analysis

### Issue 1: Whether the CoC's decision to approve the resolution plan submitted by Mr. Tarun Kumar Singh was a …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in selecting the

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**Reasoning:** The NCLT relied on precedents such as K. Sashidhar vs. Indian Overseas Bank, Kalpraj

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**Interpretation:** The I&B Code grants significant autonomy to the CoC in evaluating and

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**Application:** The NCLT found no evidence that the CoC's decision-making process was flawed or

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** HDFC Bank…
- **Respondents:** TAMRA DHATU UDYOG…; Mamta B…

## Timeline

- **2020-01-01 — Date of Prono…**: January 01,…
- **2022-05-25 — Initiation…**: Adjudicating Authority admitted the application filed under Section 7 of the I&B Code by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(24) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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