# In the matter of Shree Sai Rolling Mills (India) Pvt. Ltd.

> NCLT judgment dated 2023-12-06. Citation: TCN-2023-NCLT-00385. The case involves multiple IAs filed under the Insolvency and Bankruptcy Code, 2016, concerning…

- **Court:** NCLT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLT-00385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-sai-rolling-mills-india-pvt-ltd-96742823

## Summary

### Background

The case involves multiple IAs filed under the Insolvency and Bankruptcy Code, 2016, concerning the Corporate Insolvency Resolution Process (CIRP) of three sister companies: Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited. The CIRP was initiated following an order by the Tribunal on 23.08.2019. Appeals were filed before the NCLAT and subsequently the Supreme Court, leading to remands for fresh adjudication. The Tribunal admitted the company petitions on 30.09.2023. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made public announcements, constituted a Committee of Creditors (CoC), and invited expressions of

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated for Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited following an order of the NCLT on 23.08.2019. The Corporate Debtors (CD) filed appeals before the NCLAT, which were allowed on 18.06.2020. The Financial Creditor (FC), Punjab National Bank, appealed to the Supreme Court, which allowed the appeals on 14.07.2022 and remanded the matters to NCLAT. On 02.09.2022, the NCLAT dismissed the CD's appeals and remanded the matter to NCLT for fresh hearing. The NCLT admitted the Company Petitions on 30.09.2023. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP

…

## Issues and analysis

### Issue 1: Whether the CoC acted appropriately in rejecting the resolution plan submitted by the PRA and …

**Ratio:** The CoC has the commercial wisdom to decide on the resolution plan. However, the decision

…

**Reasoning:** The Tribunal noted inconsistencies in the CoC's minutes, where a resolution approving the

…

**Interpretation:** The IBC emphasizes the importance of maximizing the value of the Corporate

…

**Application:** Given the inconsistencies in the CoC's decision-making process and the PRA's

…

## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Appellants:** Rajiv Kumar…
- **Respondents:** Shree Sai Rolling…; Punjab National…

## Timeline

- **2019-08-23 — Tribunal…**: Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) for the three…
- **2020-06-18 — NCLAT Or…**: NCLAT allowed the appeals…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

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/shree-sai-rolling-mills-india-pvt-ltd-96742823