# 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-01667. The Interlocutory Application (IBC)No. 636/KB/ 2022 was moved by Rashtrawadi Shramshakti…

- **Court:** NCLT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLT-01667
- **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-2018-7576c5f0

## Summary

### Background

The Interlocutory Application (IBC)No. 636/KB/ 2022 was moved by Rashtrawadi Shramshakti Mahasagh, a registered Trade Union, seeking a stay on the operation of an order pronounced on April 29, 2022, which directed Uranus Softech Park Private Limited, the Successful Resolution Applicant, not to take any steps or make any investments pursuant to the order. The Union argued that the CoC approved the Resolution Plan without due consideration, and the realizable value of the Pune Plant of the Corporate Debtor would fetch much more than the amount offered by the Resolution Applicant. The workers and employees of the Corporate Debtor have been waiting for their claims to be released for the last 22 years, and the resolution plan would only pay them 4-5% of their total

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## Facts

Rashtrawadi Shramshakti Mahasagh, a registered Trade Union, filed an Interlocutory Application (IBC) No. 636/KB/2022 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. The order directed Uranus Softech Park Private Limited, the Successful Resolution Applicant, not to take any steps or make any investments pursuant to the order. The Union argued that the CoC approved the Resolution Plan without due consideration, and the realizable value of the Pune Plant of the Corporate Debtor would fetch much more than the amount offered by the Resolution Applicant. The workers and employees of the Corporate Debtor have been waiting for their claims to be released for the last 22 years, and the resolution

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application (IBC) No. 636/KB/2022 filed by Rashtrawadi Shramshakti …

**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 and concluded that it was an

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

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**Application:** The court applied the principle by dismissing the application, as it found no

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Stressed Assets…
- **Respondents:** Ispat Profiles…

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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