# In the matter of OCL Iron and Steel Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01295. The case involves an application (I.A.No.246/CB/2023) filed in I.A.No.149/CB/2023 within a…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ocl-iron-and-steel-limited-98d404f1

## Summary

### Background

The case involves an application (I.A.No.246/CB/2023) filed in I.A.No.149/CB/2023 within a Corporate Insolvency Resolution Process (CIRP) initiated against OCL IRON AND STEEL LTD. The CIRP was triggered by a Section 7 application under the IBC, 2016, filed by Indian Bank. The applicant, Indrani Patnaik, sought to file a rejoinder to the reply filed by respondents 2 to 7 in I.A. No. 149/CB/2023, claiming that the minutes of the monitoring committee, which are necessary to bring on record for true and correct facts, came into their possession after the reply was filed. The respondents opposed the rejoinder, arguing it was an attempt to develop the applicant's case beyond the scope of a rejoinder.

## Facts

1. OCL IRON AND STEEL LTD was admitted into CIRP based on a Section 7 application by Indian Bank on 2021-09-20.
2. Vijaykumar V. Iyer was appointed as the Resolution Professional.
3. The applicant, Indrani Patnaik, and respondents 2 to 7 constituted the Committee of Creditors (CoC).
4. The resolution plan submitted by the 1st respondent was approved by the CoC with 88.98% voting; the applicant and 8th respondent voted against it.
5. The distribution of the upfront amount was discussed in the 18th and 19th CoC meetings.
6. The resolution plan included provisions for payment to dissenting creditors and was approved by the Adjudicating Authority on 2023-03-20 in I.A.No.275/CB/2022.
7. The applicant filed I.A.No.149/CB/2023 claiming the amount as provided under section 30 (2)

…

## Issues and analysis

### Issue 1: Whether leave to be granted to …

**Ratio:** The right to file a rejoinder arises only when the respondent introduces new facts in

…

**Reasoning:** The court reasoned that the applicant's stated reason for filing the rejoinder

…

**Interpretation:** The interpretation of Rule 42 of the NCLT Rules, 2016, is crucial. It clarifies

…

**Application:** In this specific case, the applicant sought to introduce the minutes of the

…

## Parties

- **Judges:** P. Moha…; KAUSHALENDRA…
- **Respondents:** OCL Iron and…; INDRANI P…

## Timeline

- **2021-09-20 — CIRP Init…**: OCL IRON AND STEEL LTD admitted into CIRP by order of the Authority based on Section 7 of…
- **N/A — RP Appoin…**: Mr. Vijaykumar V. Iyer appointed…

## 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)

---

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/ocl-iron-and-steel-limited-98d404f1