# 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-00030. The case pertains to an application filed by Mr. Sudip Bhattacharya, the Resolution…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00030
- **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-2018-7427a052

## Summary

### Background

The case pertains to an application filed by Mr. Sudip Bhattacharya, the Resolution Professional (RP) of the Corporate Debtor, Reliance Naval & Engineering Limited, under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, for the approval of the Resolution Plan. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 15.01.2020, following an application by the financial creditor, IDBI Bank Limited, under Section 7 of the IBC. Initially, Mr. Rajeev Bal Sawangikar was appointed as the Interim Resolution Professional (IRP), who was later replaced by the current RP. The RP constituted a Committee of Creditors (CoC) comprising 22 financial creditors. The CoC approved the eligibility criteria for

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## Facts

The Corporate Debtor, Reliance Naval & Engineering Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Sudip Bhattacharya served as the Resolution Professional (RP), replacing the initial Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, comprising 22 financial creditors. The CoC invited prospective resolution applicants to submit Expressions of Interest (EoIs). Three EoIs were received from Jindal Steel and Power Limited, Hazel Mercantile Limited (along with its strategic investor Swan Energy Ltd.), and Global Marketing System DMCC. The CoC approved the resolution plan of Hazel Mercantile Limited with 94.86% voting

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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 made provisions for

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## Parties

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

## Timeline

- **2020-01-15 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…
- **2020-03-13 — 2nd CoC M…**: 2nd Committee of…

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