# In the matter of Karthik Alloys Limited IA-1657-2021 in C.P. (IB)-2119(MB)-2019

> NCLT judgment dated 2023-03-03. Citation: TCN-2023-NCLT-04316. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Mar 2023
- **Citation:** TCN-2023-NCLT-04316
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karthik-alloys-limited-ia-1657-2021-in-cp-ib-2119mb-2019-62ec470b

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Anneel Saraogi, on behalf of the Committee of Creditors (CoC), seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant, QVC Exports Pvt. Ltd., for the Corporate Debtor, Karthik Alloys Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 17.12.2019, following an application by Vedanth.com Worldwide Ltd. (Operational Creditor) under Section 9 of the IBC. The Resolution Plan was approved by 100% of the CoC members in their 20th meeting held on 13.07.2021.

## Facts

Vedanth.com Worldwide Limited initiated Corporate Insolvency Resolution Process (CIRP) against Karthik Alloys Limited on 17.12.2019. Anneel Saraogi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued Form G on 01.03.2020, receiving five Expressions of Interest (EoI). Due to the pandemic, the deadline for submitting the resolution plan was extended. A revised Form G was issued on 17.09.2020, receiving two EoIs from QVC Exports Pvt. Ltd. and Assam Valley Finance and Investments Private Limited. Assam Valley's plan was found non-compliant due to an expired bank guarantee. QVC Exports Pvt. Ltd.'s plan was evaluated and presented to the CoC, which approved it with 100% voting share on 13.07.2021.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by QVC Exports Private Limited complies with the requirements …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the mandatory

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it met all the requirements stipulated

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the content and

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**Application:** The NCLT found that the Resolution Plan submitted by QVC Exports Private

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## Parties

- **Judges:** KISHORE VEMULAPALL…; Prabhat…
- **Appellants:** Anneel Sa…
- **Respondents:** Karthik Alloys…; Vedanth.com…

## Timeline

- **2019-12-17 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Karthik Alloys Limited…
- **2020-01-30 — First CoC M…**: First meeting of the Committee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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