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    NCLT Mumbai Verdict

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    jainnavya789
    The case involved State Bank of India filing a petition against Topworth Steel and Power Private Ltd. for corporate insolvency resolution due to unpaid debts. The National Company Law Tribunal initiated insolvency proceedings in January 2020. Amalgam Steel and Power Limited submitted a resolution plan that was approved by the committee of creditors. The resolution plan was valued at 260 crores though the total admitted claims against Topworth Steel amounted to 3,499 crores. The bench approved the resolution plan.

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    NCLT Mumbai Verdict

    Uploaded by

    jainnavya789
    21 views1 page
    The case involved State Bank of India filing a petition against Topworth Steel and Power Private Ltd. for corporate insolvency resolution due to unpaid debts. The National Company Law Tribunal initiated insolvency proceedings in January 2020. Amalgam Steel and Power Limited submitted a resolution plan that was approved by the committee of creditors. The resolution plan was valued at 260 crores though the total admitted claims against Topworth Steel amounted to 3,499 crores. The bench approved the resolution plan.

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    Nclt Mumbai Verdict

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    The case involved State Bank of India filing a petition against Topworth Steel and Power Private Ltd. for corporate insolvency resolution due to unpaid debts. The National Company Law Tribunal initiated insolvency proceedings in January 2020. Amalgam Steel and Power Limited submitted a resolution plan that was approved by the committee of creditors. The resolution plan was valued at 260 crores though the total admitted claims against Topworth Steel amounted to 3,499 crores. The bench approved the resolution plan.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    21 views1 page

    NCLT Mumbai Verdict

    Uploaded by

    jainnavya789
    The case involved State Bank of India filing a petition against Topworth Steel and Power Private Ltd. for corporate insolvency resolution due to unpaid debts. The National Company Law Tribunal initiated insolvency proceedings in January 2020. Amalgam Steel and Power Limited submitted a resolution plan that was approved by the committee of creditors. The resolution plan was valued at 260 crores though the total admitted claims against Topworth Steel amounted to 3,499 crores. The bench approved the resolution plan.

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    © All Rights Reserved
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    Case Title – State Bank of India v. Topworth Steel and Power Private Ltd.

    Case No. – CP (IB) No. 590/MB/C-I/ 2018


    Bench – Justice V.G Bisht and Shri Prabhat Kumar

    Facts of the Case

    Topworth Steel and Power Pvt. Ltd. incorporated in 2004. The Steel plant of the company is
    based in Chattisgarh and manufacturing includes sponge iron, roiling mill, etc. NCLT
    initiated the CIRP against the Company (hereinafter mentioned as Corporate Debtor) on
    29.01.2020.

    Amalgam Steel and Power Limited (Successful Resolution Applicant) is a joint venture
    company which submitted a resolution plan and was approved by the committee of creditors.
    The RP filed an application to NCLT seeking approval for the plan.

    Verdict of the Tribunal

    The Bench has approved the resolution plan. The resolution plan is valued at 260 crores while
    the total admitted claim of the Corporate Debtor amounted to 3,499 crores.

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