IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH – II, CHENNAI

IA(IBC)/Plan/08/(CHE)/2024

In

CP(IB)/64(CHE)/ 2023

(filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 read with Regulation

39(4) of Insolvency & Bankruptcy Board of India Regulations, 2016)

(In the matter of Spica Metfab Solutions India Private Limited )

MR. ARPIT KOTHARI

RP OF M/S SPICA METFAB SOLUTIONS INDIA PRIVATE LIMITED

204 B BLOCK, PRINCE GARDEN APARTMENT

40, THAMBHUSWAMY ROAD

KILPAUK, CHENNAI

TAMIL NADU – 600010 . … Applicant/Resolution Professional

In the matter of

FINISH FUND FOR INDUSTRIAL CORPORATION LIMITED

…Petitioner/Financial Creditor

-Versus-

SPICA METFAB SOLUTIONS INDIA PRIVATE LIMITED

… Respondent/Corporate Debtor

Order Pronounced on 18th February 2025

CORAM

SHRI JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Appearance:

For Applicant : Raj Kumar Jhabakh

ORDER

1. IA(IBC)/Plan/08/(CHE)/2024 is an application filed on 04.09.2024

by the Resolution Professional of the Corporate Debtor Viz., Spica Metfab Solutions India Private Limited under Section 30(6) of the

Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as (‚the Code‛)) read with Regulation 39(4) of the Insolvency & Bankruptcy Board of India Regulations, 2016 seeking reliefs as follows:

a) To approve the Resolution Plan (as amended by Addendum dated

29.08.2024) filed by Successful Resolution Applicant i.e., M/s Subhlaxmi Investment Advisory Pvt Ltd which has been attached as Annexure 8.

b) To direct that the Plan shall be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the Resolution Plan

2. The Corporate Debtor has been engaged in the business of sheet metal manufacturing and assembling across of the verticals like automobiles, lifts & Elevator etc The executive summary of the Corporate Debtor is as hereunder, Name of the Corporate Spica Metfab Solutions India Debtor Private Limited CIN U74200TN2008PTC067855 Date of Incorporation 23.05.2008

3. CORPORATE INSOLVENCY RESOLUTION PROCESS OF SPICA METFAB SOLUTIONS INDIA PRIVATE LIMITED The Corporate Insolvency Resolution Process in respect of the Corporate Debtor viz., Spica Metfab Solutions India Private Limited was initiated by this Adjudicating Authority vide its order dated 04.10.2023 based on an application moved by, in the capacity of Financial creditor under Section 7 of the code in CP(IB)64/2023, Mr. Arpit Kothari was appointed as the ‘Interim Resolution Professional’. Thereafter IRP was appointed as RP. The key dates and events during the Corporate Insolvency Resolution Process period are tabulated as hereunder, 4. DELIBERATION OF THE COC ON THE FEASIBILITY OF THE PLAN During the 9th CoC Meeting held on 29.08.2024 deliberations were made by the members of the CoC on the Resolution Plan submitted by the SRA. Accordingly, the Resolution Plan was resolved. The resolution is as hereunder, "RESOLVED THAT Pursuant to section 30(4) of the Code read with regulation 39(3) & 39(3B) of the IBBI (CIRP) Regulations, 2016, the COC hereby approves the resolution plan submitted by M/s Subhlaxmi Investment Advisory Pvt. Ltd in the matter of Corporate Insolvency Resolution Process of M/s Spica Metfab Solutions India Private Limited."

5. DETAILS OF THE SUCCESSFUL RESOLUTION APPLICANT NAME CATEGORY Subhlaxmi Investment Advisory Corporate Pvt Ltd entity The Applicant submits that the SRA, Subhlaxmi is a private company with an expertise in providing financial services, advisory and consultancy services on shares, stocks etc. and to purchase, sell, acquire, hold, dispose off in shares, stocks, securities, bonds etc. The SRA was incorporated in the year 2008 and has been into business for the last 15 years and has experience in i