# In the matter of Balajee Ingot India Private Limited

> NCLT judgment dated 2025-09-01. Citation: TCN-2025-NCLT-01327. The case involves a resolution plan submitted by Aravali Goods & Suppliers Pvt. Ltd. for…

- **Court:** NCLT
- **Order date:** 1 Sept 2025
- **Citation:** TCN-2025-NCLT-01327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/balajee-ingot-india-private-limited-7ba3d55c

## Summary

### Background

The case involves a resolution plan submitted by Aravali Goods & Suppliers Pvt. Ltd. for Balajee Ingot India Private Limited, a corporate debtor undergoing CIRP. The RP, Niraj Kumar Agrawal, sought approval for the plan, which was approved by the CoC with 100% voting share.

## Facts

Balajee Ingot India Private Limited underwent CIRP after defaulting on a financial credit from Nirmal Kanodia.

Niraj Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

The Committee of Creditors (CoC) was formed, consisting of Nirmal Kanodia and Sipra Chouhan Das.

Aravali Goods & Suppliers Pvt. Ltd. submitted a resolution plan, which was approved by the CoC with 100% voting share.

The resolution plan proposed a total resolution amount of Rs. 20,00,000 against admitted claims of Rs. 20,32,26,727, resulting in a 99% haircut.

The resolution plan allocated a minimal amount to operational creditors and government dues, leading to significant haircuts.

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements of Section 31(1) of the I&B Code regarding …

**Ratio:** Section 30(2)(b) of the I&B Code mandates that a resolution plan must provide for the

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**Reasoning:** The NCLT observed that the resolution plan allocated a NIL amount to operational

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**Interpretation:** The NCLT interpreted Section 30(2)(b) of the I&B Code as requiring a

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**Application:** The NCLT applied this interpretation to the facts of the case and concluded

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** Niraj Kumar…
- **Respondents:** Balajee Ingot…; Nirmal Ka…; +2 more
- **Other parties:** Sipra Chouh…; GST-…; +2 more
- **Advocates:** Shaunak…; Riyanshu A…; +4 more

## Timeline

- **2022 — Financial Credi…**: Balajee Ingot availed a…
- **2024-06-25 — CIRP Admi…**: Petition allowed and Mr. Niraj Kumar Agarwal was appointed as Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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