# In the matter of Sathavahana Ispat Limited IA NO. 1198 of 2022 in CP (IB) NO. 17-9-HDB-2020

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03917. The case involves an application (IA No. 1198/2022) filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sathavahana-ispat-limited-ia-no-1198-of-2022-in-cp-ib-no-17-9-hdb-2020-e344902f

## Summary

### Background

The case involves an application (IA No. 1198/2022) filed by the Resolution Professional under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by M/s Jindal Saw Limited (Resolution Applicant). The Corporate Insolvency Resolution Process (CIRP) was initiated against Sathavahana Ispat Ltd based on a petition filed by the operational creditor, Thirumala Logistics, under Section 9 of the IBC. The CIRP commenced on 28.07.2021. The Committee of Creditors (CoC) comprised of a single financial creditor, J.C. Flowers Asset Reconstruction Private Limited. Several prospective resolution applicants (PRAs) expressed interest, and after multiple rounds of negotiations and revisions, the CoC approved the

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## Facts

Thirumala Logistics Pvt Ltd, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sathavahana Ispat Ltd, the corporate debtor, under Section 9 of the IBC. The CIRP was admitted on 28.07.2021. An Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional. The Committee of Creditors (CoC) consisted of a single financial creditor, J.C. Flowers Asset Reconstruction Private Limited. Form G was published, inviting expressions of interest from prospective resolution applicants. Several entities expressed interest, including Sarda Mines Pvt Limited, Vedanta Limited, Welspun Corp Limited, Jindal Saw Limited, Khandwala Finstock Pvt Limited, Trimex Industries Pvt Limited, and Ares SSG Capital Management

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Jindal Saw Limited meets the requirements of Section 30(2) …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Tribunal considered the submissions of the Resolution Professional and the counsels,

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum mandatory requirements

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

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Thirumala…
- **Respondents:** Sathavahana Ispat…

## Timeline

- **2021-07-28 — CIRP Commen…**: The Adjudicating Authority admitted the main petition filed by Thirumala Logistics and…
- **2021-10-05 — Publication o…**: Form-G (invitations for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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