# In the matter of Superdrawn Wire Industries Pvt. Ltd. IA NO. 682 of 2022 in CP (IB) NO. 177-NCLT-AHM-2020

> NCLT judgment dated 2023-03-06. Citation: TCN-2023-NCLT-04309. The case pertains to IA/682(AHM)2022 in CP(IB) 177 of 2020, filed by Raj Radhe Finance Ltd.,…

- **Court:** NCLT
- **Order date:** 6 Mar 2023
- **Citation:** TCN-2023-NCLT-04309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/superdrawn-wire-industries-pvt-ltd-ia-no-682-of-2022-in-cp-ib-no-177-nclt-ahm-20-fd051bb3

## Summary

### Background

The case pertains to IA/682(AHM)2022 in CP(IB) 177 of 2020, filed by Raj Radhe Finance Ltd., the applicant, against Superdrawn Wire Industries Pvt. Ltd., the corporate debtor. The application was filed under Section 60(5), 5(24)(h) & (m), and 65 of the Insolvency and Bankruptcy Code, 2016, seeking directions from the Adjudicating Authority to reconstitute the Committee of Creditors (CoC) and replace the Resolution Professional (RP). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 16.03.2022. Mr. Dilipkumar Natverlal Jagad was appointed as Interim Resolution Professional (IRP). The applicant claimed that three financial creditors, Teco Industries, ALS South West, and Shah Steel Impex Pvt. Ltd., are related

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## Facts

Raj Radhe Finance Ltd. filed an application against Superdrawn Wire Industries Pvt. Ltd., the corporate debtor, seeking reconstitution of the Committee of Creditors (CoC) and replacement of the Resolution Professional (RP). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 16.03.2022. Dilipkumar Natverlal Jagad was initially appointed as the Interim Resolution Professional (IRP). The applicant claimed that Teco Industries, ALS South West, and Shah Steel Impex Pvt. Ltd., holding 92.20% of voting rights in CoC, are related parties to the Corporate Debtor. Teco Industries filed IA 488 of 2022 for replacement of IRP, and Dinesh Gopal Mundada was appointed as RP on 13.06.2022. The applicant alleged that RP didn't inquire about the

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## Issues and analysis

### Issue 1: Whether Teco Industries, ALS South West and Shah Steel Impex Pvt. Ltd. are related parties to the …

**Ratio:** Section 5(24)(h) of the IBC, 2016 defines a related party as any person on whose advice,

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**Reasoning:** The court noted that Mr. Ambrish Shah is the Director of Shah Steel Impex, Partner of

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**Interpretation:** The interpretation of Section 5(24)(h) of the IBC, 2016, is crucial in

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**Application:** Based on the facts presented, the court determined that Mr. Harshit Shah's

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## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** Raj Radhe Finance…
- **Respondents:** Superdrawn Wire…; Dilipkumar…

## Timeline

- **2020-01-01 — CP(IB) 177…**: CP(IB) No. 177 of 2020 was filed by Teco…
- **2022-03-16 — Admission in…**: The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP)…

## 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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