# In the matter of Trimurti Concast Private Limited IA (IB) NO. 374-ALD-2021 in CP (IB) No. 355-ALD-2019

> NCLT judgment dated 2022-03-22. Citation: TCN-2022-NCLT-03595. The legal document pertains to an application filed under sections 30(6) r/w 31(1) of the…

- **Court:** NCLT
- **Order date:** 22 Mar 2022
- **Citation:** TCN-2022-NCLT-03595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trimurti-concast-private-limited-ia-ib-no-374-ald-2021-in-cp-ib-no-355-ald-2019-abefe2f5

## Summary

### Background

The legal document pertains to an application filed under sections 30(6) r/w 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan for Trimurti Concast Private Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by Ram Alloys Casting Private Limited under section 7 of the IBC. The CIRP faced delays and required extensions due to various factors, including the COVID-19 pandemic. Several CoC meetings were held to discuss and negotiate resolution plans. Initially, Sarvottam Rolling Mills Pvt Ltd's plan was approved but later withdrawn. Subsequently, Shree Shailja Iron and Steels Pvt Ltd's plan was approved by the CoC with 100% voting share.

## Facts

Ram Alloys Casting Private Limited initiated CIRP against Trimurti Concast Private Limited under Section 7 of IBC. Sanjay Kumar Dewani was initially appointed as IRP, later replaced by Sumit Shukla. The CIRP period was extended due to COVID-19 and other factors, with multiple exclusions granted by the Adjudicating Authority. Public announcements were made, and claims were received from financial and operational creditors. Canara Bank was the sole financial creditor with 100% voting share. Several CoC meetings were held, and multiple resolution plans were submitted and revised. Sarvottam Rolling Mills Pvt Ltd initially had its plan approved but later withdrew. Shree Shailja Iron and Steels Pvt Ltd's resolution plan was eventually approved with 100% CoC voting share. The

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Shree Shailja Iron and Steels Pvt Ltd complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it provided for

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**Interpretation:** Section 30(2) ensures that a resolution plan adheres to the basic legal and

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**Application:** In this case, the resolution plan was found to comply with Section 30(2)

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Ram Alloy Casting…
- **Respondents:** Trimurti Concast…
- **Advocates:** Babita…

## Timeline

- **2019-12-24 — Admission of Company…**: Company Petition in CP(IB)No.…
- **2019-12-24 — Appointment…**: Mr. Sanjay Kumar Dewani was appointed as the…

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