# 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-00741. 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-00741
- **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-2020-62650e5e

## 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 then took steps to constitute the Committee of Creditors (CoC) and invite resolution plans. Several meetings of the CoC were held to discuss and approve the resolution plan. AM Mining India Private Limited submitted a resolution plan, which was subsequently

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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 corporate insolvency resolution process (CIRP) against Uttam Galva Steels Limited (Corporate Debtor). The NCLT admitted the application on October 1, 2020, and appointed Mr. Milind Kasodekar as the Interim Resolution Professional (IRP). The IRP published a public announcement and invited claims from creditors. The IRP constituted the Committee of Creditors (CoC) based on the claims received. 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 RNC Valuecon Advisors LLP as independent valuers, and BDO India LLP as the

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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 Code specifies the mandatory requirements that a resolution plan

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**Reasoning:** The NCLT examined the Resolution Plan to ensure that it complied with the requirements of

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**Interpretation:** Section 30(2) of the Code is interpreted to mean that a resolution plan must

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by AM Mining

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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…**: The Tribunal admitted the application for initiation of CIRP against Uttam Galva Steels…
- **2020-10-06 — Receipt of Admission…**: IRP received the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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