# In the matter of Rohit Ferro Tech Limited IA(I.B.C)-383,532,702 & 812(KB)2021 & IA(I.B.C)-93,115 & 139(KB)2022 in C.P. (IB)-1214(KB)2018

> NCLT judgment dated 2022-04-07. Citation: TCN-2022-NCLT-03318. The case involves the corporate insolvency resolution process (CIRP) of Rohit Ferro Tech…

- **Court:** NCLT
- **Order date:** 7 Apr 2022
- **Citation:** TCN-2022-NCLT-03318
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rohit-ferro-tech-limited-iaibc-383532702-812kb2021-iaibc-93115-139kb2022-in-cp-i-ac50afa2

## Summary

### Background

The case involves the corporate insolvency resolution process (CIRP) of Rohit Ferro Tech Limited. The CIRP was initiated following an order by the Adjudicating Authority on February 7, 2020. Mr. Supriyo Kumar Chaudhuri was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP issued an invitation for Expression of Interest (EoI) and published Form G, receiving two resolution plans initially. However, the Committee of Creditors (CoC) found these plans unsatisfactory due to being substantially below the liquidation value, leading to a re-bidding process with a fresh Form-G. Eight EoIs were received, and eventually, five resolution plans were submitted. The CoC unanimously approved the resolution plan submitted by

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## Facts

Rohit Ferro Tech Limited underwent Corporate Insolvency Resolution Process (CIRP) following an order on February 7, 2020. Supriyo Kumar Chaudhuri was appointed as the Resolution Professional (RP). The RP received two initial resolution plans, which were rejected by the Committee of Creditors (CoC) for being below liquidation value. A re-bidding process led to five resolution plans, with Tata Steel Mining Limited's plan being unanimously approved by the CoC. The Successful Resolution Applicant (SRA) sought directions regarding the 'Effective Date', CIRP cost management, and operational creditor payments. CGST and Central Excise, Jajpur Division, filed a claim for Rs. 60,16,24,695.59, of which Rs. 43,62,37,172 was admitted, and the remaining was disputed due to pending

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should direct the Resolution Professional to accept the claim of …

**Ratio:** The Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited vs.

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**Reasoning:** The Resolution Professional accepted the claim amount of Rs.9,61,19,038/- but against the

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**Interpretation:** The word 'Claim' has been defined in the code under section 3(6) which provides

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**Application:** The Adjudicating Authority relied on the Hon'ble Supreme Court's decision and

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Rohit Ferro Tech…

## Timeline

- **2020-02-07 — CIRP Init…**: Rohit Ferro Tech Limited went under…
- **2020-02-07 — Appointment o…**: Mr. Supriyo Kumar Chaudhuri was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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