# In the matter of Narayani Steels Limited IA (IB) No. 955-KB-2021 in CP (IB) No. 986-KB-2020

> NCLT judgment dated 2022-01-11. Citation: TCN-2022-NCLT-04465. The case pertains to an application under section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 Jan 2022
- **Citation:** TCN-2022-NCLT-04465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/narayani-steels-limited-ia-ib-no-955-kb-2021-in-cp-ib-no-986-kb-2020-019052ca

## Summary

### Background

The case pertains to an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Narayani Steels Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by ICICI Bank Limited under section 7 of the IBC. The resolution professional (RP) invited expressions of interest (EoI) from potential resolution applicants, and after several CoC meetings and negotiations, Rishikunj Vincom Private Limited's resolution plan was approved by the CoC with 100% vote.

## Facts

ICICI Bank Limited initiated CIRP against Narayani Steels Limited under Section 7 of IBC. Krishna Komaravolu was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement of CIRP was made on 26.03.2021. The CoC was constituted on 16.04.2021, comprising 7 financial creditors. Invitations for Expressions of Interest (EoI) were published on 25.06.2021, with a deadline of 10.07.2021. Five EoIs were received, and a list of prospective resolution applicants (PRAs) was issued on 31.07.2021. Only two PRAs, Rishikunj Vincom Private Limited and Duddu Fin-Lease Private Limited, submitted resolution plans. Rishikunj Vincom revised its plan amount to Rs. 27.72 crores. The CoC declared Rishikunj Vincom as the successful

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Rishikunj Vincom Private Limited complies with the …

**Ratio:** Section 30(6) of the IBC requires the Adjudicating Authority (NCLT) to approve a

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it had been approved by the CoC with

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**Interpretation:** Section 30(6) mandates that the NCLT must be satisfied that the resolution plan

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by Rishikunj

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Krishna Kom…
- **Respondents:** Narayani Steels…; ICICI Bank…
- **Advocates:** Rishav Ba…; Supriya…; +1 more

## Timeline

- **2021-03-24 — Admission of Company…**: The Company Petition filed by ICICI Bank Limited against Narayani Steels Limited was…
- **2021-03-26 — Public Annou…**: Public announcement regarding the initiation of Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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