# In the matter of Reliance Naval & Engineering Limited IA No. 292-AHM-2022 in CP (IB) 418-AHM-2018

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00045. The case pertains to an application filed by Mr. Sudip Bhattacharya, the Resolution…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-naval-engineering-limited-ia-no-292-ahm-2022-in-cp-ib-418-ahm-2018-5f17c4e3

## Summary

### Background

The case pertains to an application filed by Mr. Sudip Bhattacharya, the Resolution Professional (RP) of Reliance Naval & Engineering Limited, seeking approval of the resolution plan under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor, Reliance Naval & Engineering Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.01.2020, following an application by IDBI Bank Limited under Section 7 of the IBC. Mr. Rajeev Bal Sawangikar was initially appointed as the Interim Resolution Professional (IRP), later replaced by the current RP. The Committee of Creditors (CoC) was formed, comprising 22 financial creditors. The RP invited Expressions of Interest (EOIs) from prospective

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## Facts

The Corporate Debtor, Reliance Naval & Engineering Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.01.2020, based on an application filed by the financial creditor, IDBI Bank Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Initially, Mr. Rajeev Bal Sawangikar was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Sudip Bhattacharya. A Committee of Creditors (CoC) was constituted, comprising 22 financial creditors. The Resolution Professional (RP) invited Expressions of Interest (EOIs) from prospective resolution applicants, and after several modifications to the eligibility criteria, three EOIs were received from Jindal Steel and Power Limited, Hazel Mercantile

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Hazel Mercantile Limited complies with the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complied with

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

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Hazel

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## Parties

- **Judges:** DEEPTI M…; KAUSHALENDRA…
- **Appellants:** Sudip Bhatt…
- **Respondents:** Reliance Naval &…

## Timeline

- **2020-01-15 — Admission in…**: Reliance Naval & Engineering Limited was admitted into Corporate Insolvency Resolution…
- **2020-03-13 — 2nd CoC M…**: The 2nd Committee of…

## 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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