# In the matter of Steelco Gujarat Ltd.

> NCLT judgment dated 2023-12-18. Citation: TCN-2023-NCLT-00194. This is an interlocutory application filed under Section 60(5)(c) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 Dec 2023
- **Citation:** TCN-2023-NCLT-00194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/steelco-gujarat-ltd-3f843c43

## Summary

### Background

This is an interlocutory application filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules and Regulation 7 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The applicant, Hitesh Goel, RP for Bhadreshwar Vidhyut Pvt Ltd, sought a direction for the Resolution Professional (RP) of Steelco Gujarat Ltd to accept its claim as an Operational Creditor. CIRP was initiated against Steelco Gujarat Ltd. on 31.12.2020 based on an application by State Bank of India. The RP invited claims from creditors, and the applicant filed a claim with necessary documents on 30.01.2021. The applicant is engaged in electricity generation and had a power projects agreement with Steelco Gujarat Ltd (SGL) dated

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## Facts

The applicant, Hitesh Goel, RP for Bhadreshwar Vidhyut Pvt Ltd, filed an interlocutory application seeking a direction for the Resolution Professional (RP) of Steelco Gujarat Ltd to accept its claim as an Operational Creditor. CIRP was initiated against Steelco Gujarat Ltd. on 31.12.2020 based on an application by State Bank of India. The applicant filed a claim with necessary documents on 30.01.2021. The applicant is engaged in electricity generation and had a power projects agreement with Steelco Gujarat Ltd (SGL) dated 28.12.2016. SGL stopped taking power from the applicant after February 2019, but the approval was valid until 31.03.2019. The applicant submitted a claim of Rs.20,75,49,380/-, but the RP accepted only Rs.81,01,339/-. The RP rejected a portion of the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) was justified in rejecting a portion of the applicant's …

**Ratio:** The RP is required to verify claims and may reject claims that are not supported by

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**Reasoning:** The NCLT observed that the applicant's claim was based on supplementary invoices raised

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**Interpretation:** This issue involves the interpretation of the duties and responsibilities of

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**Application:** The NCLT applied the ratio to the facts of the case, finding that the RP was

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Hitesh Goel RP…
- **Respondents:** Steelco Gujarat…; Nirav Anupam…

## Timeline

- **2020-12-31 — CIRP Init…**: CIRP was initiated against Steelco Gujarat Ltd. based on an application by State Bank of…
- **2021-01-30 — Claim Subm…**: The applicant, Hitesh Goel, filed a claim with necessary documents to the Resolution…

## 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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