# Approval of Resolution Plan - Jagdamba Industries Limited

> NCLT judgment dated 2025-11-24. Citation: TCN-2025-NCLT-01872. The application is filed under section 30(6) and section 31 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Nov 2025
- **Citation:** TCN-2025-NCLT-01872
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/approval-of-resolution-plan-jagdamba-industries-limited-df21c8dc

## Summary

### Background

The application is filed under section 30(6) and section 31 of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of Resolution Plan.

## Facts

The Corporate Debtor was admitted into CIRP vide order dated 22.08.2023.

Aditya Kumar Tibrewal was appointed as IRP and later confirmed as RP.

Form A was published on 24th August, 2023, with the last date for submissions of claims on 05th September, 2023.

Revised Form-G was published on 08.12.2023, with the revised last date for submission of EOI fixed on 24.12.2023.

The Resolution Plan of Rashmi Metaliks Limited was approved by the CoC with 80.96% voting share on 21.09.2024.

Rashmi Metaliks Limited deposited the EMD of INR 25,00,000 on 24.11.2023.

The total plan value for the Corporate Debtor is Rs.75,00,00,000, out of which INR 38,00,00,000 is proposed to be paid to Stakeholders and Rs. 37,00,00,000 shall be used for revival of plant and recommencement of operation.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the …

**Ratio:** The Resolution Plan must comply with Sections 30 and 31 of the IBC and Regulations 38 and

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**Reasoning:** The Adjudicating Authority must be satisfied that the Resolution Plan meets the

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**Interpretation:** Compliance with the IBC and related regulations ensures fairness, transparency,

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**Application:** The Adjudicating Authority perused the documents and the affidavit of the

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** CFM Assets…; Aditya Kumar…
- **Respondents:** Jagdamba Industrie…; Tech Ni…; +1 more
- **Advocates:** Sidhartha…; Rishav…; +5 more

## Timeline

- **2023-08-22 — CIRP Init…**: Corporate Debtor…
- **2023-08-22 — IRP Appoi…**: Aditya Kumar Tibrewal…

## 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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