# In the matter of Electrosteel Steel Limited IA (IB) No. 73,307,310,388,399,400,401,430,431443,441,442,496 & 1459-KB-2020, IA (IB) No.1101-KB-2021 in CP (IB) No.361-KB-2017

> NCLT judgment dated 2022-06-28. Citation: TCN-2022-NCLT-02011. The case involves a batch of interlocutory applications filed by various Operational Creditors…

- **Court:** NCLT
- **Order date:** 28 Jun 2022
- **Citation:** TCN-2022-NCLT-02011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/electrosteel-steel-limited-ia-ib-no-73307310388399400401430431443441442496-1459-ee033c21

## Summary

### Background

The case involves a batch of interlocutory applications filed by various Operational Creditors of Electrosteel Steel Limited, seeking consolidated reliefs such as leave to intervene, direction to pay the full and final amount as approved under the Resolution Plan, and condonation of delay in filing the applications. The Corporate Insolvency Resolution Process (CIRP) was initiated by State Bank of India (SBI) under section 7(1) of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the Corporate Debtor into CIRP on July 21, 2017, and appointed Mr. Dhaivat Anjaria as the Interim Resolution Professional (IRP), later the Resolution Professional (RP). The Resolution Professional made a public announcement to receive and verify claims. The Committee

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## Facts

1. State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Electrosteel Steel Limited by filing CP(IB) No.361/KB/2017 under Section 7(1) of the Insolvency and Bankruptcy Code, 2016.
2. The Adjudicating Authority admitted Electrosteel Steel Limited into CIRP on July 21, 2017, and appointed Mr. Dhaivat Anjaria as the Interim Resolution Professional (IRP), later the Resolution Professional (RP).
3. The Resolution Professional made a public announcement to receive and verify claims from various stakeholders.
4. The total claim submitted by the Operational Creditors was ₹1,688.40 crore, out of which the Resolution Professional admitted claims of ₹783.41 crore, rejecting claims to the extent of ₹904.99 crore.
5. The Committee of Creditors (CoC)

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## Issues and analysis

### Issue 1: Whether the approved Resolution Plan adequately considered the interests of the Operational …

**Ratio:** The Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited v.

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**Reasoning:** The Adjudicating Authority found that the Operational Creditors, with total admitted

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**Interpretation:** The interests of all stakeholders, including Operational Creditors, must be

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**Application:** In this case, the Adjudicating Authority found that the Operational Creditors

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Electronic…
- **Respondents:** Electrosteel…; Vedanta L…

## Timeline

- **2017-07-21 — Admission in…**: The Adjudicating Authority admitted Electrosteel Steel Limited into Corporate Insolvency…
- **2017-07-21 — Appointment…**: Mr. Dhaivat Anjaria was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(3) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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