# In the matter of Uttam Galva Steel Limited IA 1271 of 2021 in CP (IB) 920-MB-C-I-2020

> NCLT judgment dated 2022-10-14. Citation: TCN-2022-NCLT-00754. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Oct 2022
- **Citation:** TCN-2022-NCLT-00754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uttam-galva-steel-limited-ia-1271-of-2021-in-cp-ib-920-mb-c-i-2020-1c64cce8

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for the Corporate Debtor, Uttam Galva Steels Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by State Bank of India, a Financial Creditor, under Section 7 of the Code. The application was admitted by the Tribunal on October 1, 2020, and Mr. Milind Kasodekar was appointed as the Interim Resolution Professional (IRP). The IRP published a public announcement and constituted the Committee of Creditors (CoC). The CoC approved the appointment of BSRR & Co. as the supporting Insolvency Professional Entity, Trilegal as the IRP/RP's legal advisor, RBSA Valuation Advisors LLP and

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## Facts

State Bank of India, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Uttam Galva Steels Limited (Corporate Debtor). The application was admitted on October 1, 2020, and Mr. Milind Kasodekar was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors, with the last date for submission being October 20, 2020. The IRP constituted the Committee of Creditors (CoC). The CoC appointed various entities, including BSRR & Co. as the supporting Insolvency Professional Entity, Trilegal as the IRP/RP's legal advisor, RBSA Valuation Advisors LLP and RNC Valuecon Advisors LLP as independent

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by AM Mining India Private Limited complies with the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the mandatory

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure that it complied with the mandatory

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must, at a minimum,

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**Application:** The Tribunal found that the Resolution Plan submitted by AM Mining India

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Milind Kas…
- **Respondents:** Uttam Galva…; State Bank of…

## Timeline

- **2020-10-01 — Admission…**: Tribunal admitted the application for CIRP and appointed Mr. Milind Kasodekar as the…
- **2020-10-06 — Receipt of Admission…**: IRP received the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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