# Approval of Resolution Plan - Topworth Steel and Power Private Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01284. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01284
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-topworth-steel-and-power-private-limited-02dbcdce

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Topworth Steel and Power Private Ltd. The CIRP was initiated on 29.01.2020. The Resolution Professional, Mr. Sanjay Gupta, filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted by Amalgam Steel and Power Limited, the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved the resolution plan with a majority of 89.61%.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Topworth Steel and Power Private Ltd. on 29.01.2020. Mr. Dushyant Dave was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Gupta as the Resolution Professional (RP) on 14th July 2020. The Committee of Creditors (CoC) was constituted on 20.03.2020, and held 29 meetings. The average liquidation value of the Corporate Debtor was determined as Rs.238,15,90,254/-, and the average fair value was determined as Rs.345,81,31,318/-. The RP published 'Form G' inviting resolution plans, and received 8 resolution plans initially, then 12 after revisions. The CoC approved the resolution plan submitted by Amalgam Steel and Power Limited with a majority of 89.61% on

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Amalgam Steel and Power 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 examined the resolution plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan addresses the

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Amalgam

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## Parties

- **Judges:** V. G. Bisht…; Prabhat…
- **Appellants:** Amalgam Steel and…
- **Respondents:** Topworth Steel…; Sanjay Gupta and…
- **Advocates:** Chetan Ka…; Nausher…; +4 more

## Timeline

- **2020-01-29 — Initiation…**: CIRP was initiated…
- **2020-01-29 — Appointment…**: Mr. Dushyant Dave 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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