# In the matter of Ispat Profiles India Limited I.A (IBC) No. 636-KB-2022 In C.P. (IB) No. 1400-KB-2018

> NCLT judgment dated 2022-07-18. Citation: TCN-2022-NCLT-01678. The Interlocutory Application (IBC) No. 636/KB/2022 was filed by Rashtrawadi Shramshakti…

- **Court:** NCLT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLT-01678
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ispat-profiles-india-limited-ia-ibc-no-636-kb-2022-in-cp-ib-no-1400-kb-2018-6e0ea591

## Summary

### Background

The Interlocutory Application (IBC) No. 636/KB/2022 was filed by Rashtrawadi Shramshakti Mahasagh, a registered Trade Union, seeking a stay on the operation of an order pronounced on April 29, 2022, in IA No. 678/2021 arising out of CP No. 1400/KB/2018. This order directed Uranus Softech Park Private Limited, the Successful Resolution Applicant, not to take any steps or make any investments pursuant to the order dated April 29, 2022. The applicant argued that the CoC had approved the resolution plan without proper consideration and that the realizable value of the Pune Plant of the Corporate Debtor was significantly higher than the amount offered by the Resolution Applicant. The workers and employees of the Corporate Debtor, who had been waiting for their claims to be

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## Facts

Rashtrawadi Shramshakti Mahasagh, a registered Trade Union, filed an application (IA No. 636/KB/2022) seeking a stay on the operation of an order dated April 29, 2022, which approved a resolution plan for the Corporate Debtor. The resolution plan was approved by the CoC with a 100% majority. The applicant argued that the CoC approved the plan without proper consideration and that the realizable value of the Pune Plant of the Corporate Debtor was higher than the amount offered in the resolution plan. Workers and employees of the Corporate Debtor have been waiting for their claims to be released for 22 years and would receive only 4-5% of their total admitted claim under the plan. The Corporate Debtor's factory has been closed for 22 years and the company has been in

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## Issues and analysis

### Issue 1: Whether the application filed by the Trade Union seeking a stay on the operation of the order …

**Ratio:** The court has the discretion to dismiss applications that lack substance or merit,

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**Reasoning:** The court found no substance or merit in the application filed by the Trade Union. The

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**Interpretation:** The court interpreted the application as an attempt to disrupt the resolution

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**Application:** The court applied the principle that applications lacking substance and

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** Stressed Assets…
- **Respondents:** Ispat Profiles…

## Timeline

- **2019-12-30 — Appointment…**: Rajiv Kumar Agarwal was…
- **2022-04-29 — Order Pron…**: Order pronounced in IA No. 678/2021 arising out of CP No. 1400/KB/2018, directing Uranus…

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