# In the matter of heavy Metal and Tubes Ltd. IA No. 834-NCLT-AHM-2021 in CP (IB) No. 206-NCLT-AHM-2019

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02965. The case pertains to an application for the approval of a Resolution Plan along with a Scheme…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02965
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/heavy-metal-and-tubes-ltd-ia-no-834-nclt-ahm-2021-in-cp-ib-no-206-nclt-ahm-2019-3c01baa0

## Summary

### Background

The case pertains to an application for the approval of a Resolution Plan along with a Scheme of Amalgamation for M/s Heavy Metal and Tubes Ltd. under Section 30(6) r.w. Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) 2016. The Corporate Debtor was admitted into CIRP based on an application filed by the Financial Creditor under Section 7 of the IB Code, and a moratorium was declared. Mr. Trupalkumar Patel was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising five financial creditors. The CoC approved the invitation of Expression of Interest (EOI)

…

## Facts

1. An application was filed for approval of a Resolution Plan along with a Scheme of Amalgamation under the Insolvency & Bankruptcy Code, 2016.
2. The Corporate Debtor, M/s Heavy Metal and Tubes Ltd., was admitted into CIRP based on an application by a Financial Creditor.
3. A moratorium was declared, and Mr. Trupalkumar Patel was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP).
4. A Committee of Creditors (CoC) was constituted, comprising five financial creditors.
5. The CoC approved the invitation of Expression of Interest (EOI) from eligible Resolution Applicants.
6. Several EOIs were received, including one from Heavy Metal and Tubes (India) Private Limited, Mr. Dilip Khandelwal and Mr. Shyamlal Gupta

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional complies with the provisions …

**Ratio:** Section 30(2) of the IBC, 2016 and Regulation 38 (3A) of the CIRP Regulations mandate

…

**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and noted that it complies with

…

**Interpretation:** Section 30(2) of the IBC, 2016 outlines the mandatory requirements for a

…

**Application:** In this case, the Adjudicating Authority determined that the Resolution Plan

…

## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Respondents:** M/s Heavy Metal…

## Timeline

- **2021-01-01 — Moratorium D…**: Moratorium was declared and CIRP initiated following an application by the Financial…
- **2021-01-12 — Public Annou…**: Mr. Trupalkumar Patel, the Interim Resolution Professional (IRP), made a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/heavy-metal-and-tubes-ltd-ia-no-834-nclt-ahm-2021-in-cp-ib-no-206-nclt-ahm-2019-3c01baa0