# In the matter of Vicror Stainless Private ltd. IA No. 334-AHM-2021 in CP (IB) No.-98-AHM-2020

> NCLT judgment dated 2022-07-26. Citation: TCN-2022-NCLT-01566. The application pertains to the approval of a Resolution Plan for M/s Vicor Stainless Private…

- **Court:** NCLT
- **Order date:** 26 Jul 2022
- **Citation:** TCN-2022-NCLT-01566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vicror-stainless-private-ltd-ia-no-334-ahm-2021-in-cp-ib-no-98-ahm-2020-48008713

## Summary

### Background

The application pertains to the approval of a Resolution Plan for M/s Vicor Stainless Private Ltd. under Section 30(6) read with Section 31 of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the IBBI regulations. The Corporate Debtor was admitted into CIRP on 12.03.2020 following an application by an Operational Creditor, M/s Banga Iron and Steel Private Ltd. The CIRP was initiated under Section 9 of the IB Code, triggering a moratorium under Section 14. Mr. Sunit Jagdishchandra Shah was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kiran Shah. The Committee of Creditors (CoC) was constituted and subsequently reconstituted. The resolution plan was submitted by M/s Mangalam Worldwide Private Limited.

## Facts

M/s Vicor Stainless Private Ltd. was admitted into CIRP on 12.03.2020 following an application by M/s Banga Iron and Steel Private Ltd. under Section 9 of the IB Code. Mr. Sunit Jagdishchandra Shah was initially appointed as IRP, later replaced by Mr. Kiran Shah. The CoC was constituted on 13.06.2020 and reconstituted on 14.08.2020 and 17.08.2020. The 1st CoC meeting was held on 01.07.2020, where the IRP was replaced. The 3rd CoC meeting on 01.10.2020 approved the publication of Form G for inviting EOIs. M/s Mangalam Worldwide Pvt. Ltd. submitted a resolution plan, which was revised multiple times. The CoC approved the resolution plan on 08.04.2021 with 91.02% voting. The final Resolution Plan was dated 20.02.2021. The resolution plan includes a scheme of amalgamation.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Mangalam Worldwide Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC, 2016, and Regulation 38 (3A) of the CIRP Regulations outline

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**Reasoning:** The Adjudicating Authority perused the contents of the resolution plan and noted that

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**Interpretation:** Section 30(2) and Regulation 38(3A) set the standards for the contents and

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) and

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## Parties

- **Judges:** Ajai Das Me…; DEEPTI M…
- **Appellants:** Kiran…
- **Respondents:** M/s Vicor…

## Timeline

- **2020-03-12 — Admission in…**: Corporate Debtor…
- **2020-03-18 — Public Annou…**: Public announcement…

## 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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