# Punjab National Bank vs. Splendid Metal Products Ltd

> NCLT judgment dated 2026-08-21. Citation: TCN-2026-NCLT-00885. The Corporate Debtor, M/s.Splendid Metal Products Limited (now Thalaivar Steels Limited), was…

- **Court:** NCLT
- **Order date:** 21 Aug 2026
- **Citation:** TCN-2026-NCLT-00885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/punjab-national-bank-vs-splendid-metal-products-ltd-c6vzp

## Summary

### Background

The Corporate Debtor, M/s.Splendid Metal Products Limited (now Thalaivar Steels Limited), was admitted into CIRP on 04.04.2019. A Resolution Plan, jointly submitted by M/s.Antanium Holdings Private Limited (AHPL) and M/s.Invent Assets Securitisation and Reconstruction Private Limited (IASRPL), was approved by the CoC on 08.10.2020 and by the Adjudicating Authority on 08.04.2021. Subsequently, M/s.Puissant Global Private Limited (a wholly owned subsidiary of AHPL) was substituted as the Successful Resolution Applicant (SRA) on 31.10.2023, undertaking to comply with the plan. The plan stipulated seven instalments for payment, but the SRA repeatedly defaulted on payments, with the second and third instalments paid belatedly with interest, and the fourth and subsequent

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## Facts

The Corporate Debtor, M/s.Splendid Metal Products Limited, was admitted into CIRP vide Order dated 04.04.2019.

Mr. T. Sathisan was appointed as Interim Resolution Professional (IRP) on 04.04.2019 and confirmed as Resolution Professional (RP) by the CoC on 15.05.2019.

The Resolution Professional received the final Resolution Plan jointly submitted by M/s.Antanium Holdings Private Limited (AHPL) and M/s.Invent Assets Securitisation and Reconstruction Private Limited (IASRPL) on 28.09.2020.

The Resolution Plan was approved by the CoC with 91.1% voting share on 08.10.2020 and by the Adjudicating Authority on 08.04.2021 (IA No. 981 of 2020).

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## Issues and analysis

### Issue 1: Whether the SRA/Co-Resolution Applicant failed to implement the Approved Resolution Plan by not …

**Ratio:** The SRA/Co-Resolution Applicant failed to adhere to the payment schedule stipulated under

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**Reasoning:** The record clearly establishes that the SRA repeatedly sought extensions for payment and

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**Interpretation:** The payment schedule in an Approved Resolution Plan is an integral part of the

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**Application:** The failure to comply with the payment schedule is established on record,

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJAY…
- **Appellants:** Punjab National…; Bank of…
- **Respondents:** M/s.Splendid…; Thalaivar Steels…; +4 more
- **Other parties:** Committee of…; Financial…; +1 more
- **Advocates:** T. Ravich…; Santh…; +1 more

## Timeline

- **2019-04-04 — CIRP Admission & IRP…**: The Corporate Debtor was admitted into CIRP, and Mr. T. Sathisan was appointed as Interim…
- **2019-05-15 — RP Confir…**: Mr. T. Sathisan was confirmed as Resolution Professional (RP) by the Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 74(3) — Punishment for contravention of moratorium or…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-74)

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