# In the matter of National Steel and Agro Industries Limited IA 2905 of 2022 in CP (IB) 2067-MB-C-I-2019

> NCLT judgment dated 2023-05-19. Citation: TCN-2023-NCLT-03263. The application IA 2905 of 2022 was filed in CP (IB) 2067/MB/C-I/2019 under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 19 May 2023
- **Citation:** TCN-2023-NCLT-03263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/national-steel-and-agro-industries-limited-ia-2905-of-2022-in-cp-ib-2067-mb-c-i-07029cdb

## Summary

### Background

The application IA 2905 of 2022 was filed in CP (IB) 2067/MB/C-I/2019 under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan for National Steel and Agro Industries Limited. The CIRP was initiated following an application by JM Financial Assets Reconstruction Co. Ltd, a financial creditor, under Section 7 of the Code. The resolution professional, Dushyant C Dave, sought approval for the resolution plan submitted by JSW Steel Coated Products Limited, which was approved by 100% of the Committee of Creditors (CoC) in their 9th meeting held on 06.10.2022.

## Facts

JM Financial Assets Reconstruction Co. Ltd initiated CIRP against National Steel and Agro Industries Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on April 11, 2022, and Dushyant C Dave was appointed as the Interim Resolution Professional (IRP). The CoC, consisting solely of JM Financial Assets Reconstruction Co. Ltd, approved Dushyant C Dave as the Resolution Professional (RP). The RP received one resolution plan from JSW Steel Coated Products Limited, which was approved by the CoC with a 100% voting share on October 6, 2022. The resolution plan proposed a total resolution amount of INR 621,00,00,000. The RP appointed Protocol Valuers Private Limited and Kzen Valtech Private Limited as registered valuers, who

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by JSW Steel Coated Products Limited meets the requirements …

**Ratio:** Section 30(2) of the Code specifies the mandatory requirements for a resolution plan,

…

**Reasoning:** The Tribunal examined the Resolution Plan and found that it complied with all the

…

**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

…

**Application:** The Tribunal applied the requirements of Section 30(2) to the specific

…

## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Dushyant…
- **Respondents:** National Steel…; JM Financial…
- **Advocates:** Chetan Ka…; Gautam A…; +9 more

## Timeline

- **2019-01-01 — Company Pe…**: Company Petition No. 2067 of 2019 filed by JM…
- **2022-04-11 — Admission…**: Application admitted by the Tribunal, CIRP commenced, and Mr. Dushyant C. Dave appointed…

## 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/national-steel-and-agro-industries-limited-ia-2905-of-2022-in-cp-ib-2067-mb-c-i-07029cdb