# In the matter of Tamra Dhatu Udyog Private Limited

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01917. The case involves an application (I.A. (I.B.C)/1459(KB)2023) filed by the Committee of…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tamra-dhatu-udyog-private-limited-c641457d

## Summary

### Background

The case involves an application (I.A. (I.B.C)/1459(KB)2023) filed by the Committee of Creditors (COC) of the corporate debtor, Tamra Dhatu Udyog Private Limited, seeking clarification of an order dated 03/08/2023. The COC requested that all resolution applicants be given a final opportunity to revise their resolution plans to ensure equal and fair opportunity. They also sought direction to the Resolution Professional (RP) to cancel ongoing voting on resolution plans and conduct fresh voting after the revised plans were submitted. This application is related to Company Petition (IB)/128(KB)2020.

## Facts

The Committee of Creditors (COC) of Tamra Dhatu Udyog Private Limited filed an application (I.A. (I.B.C)/1459(KB)2023) seeking clarification of an earlier order dated 03/08/2023. The COC wanted all resolution applicants to have a final chance to revise their plans to ensure fairness and maximize asset value. The prayer was opposed by the PRA H1 bidder and Mr. Tarun Singh, who argued that they had already been given opportunities to enhance their plans. The Lead Bank (Union Bank of India), initially hesitant, later supported the proposal. The Resolution Professional (RP) had previously allowed PRAs to enhance their plans financially, leading to questions about compliance with Regulation 39(1A)(a) of the IBBI (CIRP) Regulation, 2016. The COC kept the voting lines open

…

## Issues and analysis

### Issue 1: Whether the Committee of Creditors (COC) can be permitted to allow all Prospective Resolution …

**Ratio:** The commercial wisdom of the COC is paramount, and judicial review is limited. The

…

**Reasoning:** The court considered precedents such as Committee of Creditors of Essar Steel India

…

**Interpretation:** The court interpreted the legal framework to allow the COC to make decisions

…

**Application:** The court applied the ratio to the specific facts by allowing the COC's

…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** HDFC Bank…
- **Respondents:** TAMRA DHATU UDYOG…
- **Advocates:** Santosh Kum…; Rituparna…; +11 more

## Timeline

- **2023-08-03 — Order Da…**: Date of the order that the…
- **2023-05-04 — RP Email…**: Date of the RP's email allowing a final…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

---

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/tamra-dhatu-udyog-private-limited-c641457d