# In the matter of Govind Prasad Todi & Ors. vs. Satya Narayan Guddeti Company Appeal (AT) (Insolvency) No. 1125 of 2022

> NCLAT judgment dated 2023-02-14. Citation: TCN-2023-NCLAT-00722. The appeal arises from an order dated 17.08.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 14 Feb 2023
- **Citation:** TCN-2023-NCLAT-00722
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/govind-prasad-todi-ors-vs-satya-narayan-guddeti-company-appeal-ea1e9a81

## Summary

### Background

The appeal arises from an order dated 17.08.2022 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court IV, which dismissed I.A. 1528/ND/2022 filed by the Resolution Professional for approval of the Resolution Plan and directed the liquidation of the Corporate Debtor, Ajanta Offset Packaging Limited. The CIRP was initiated on 04.02.2020. The Resolution Professional issued Form G on 19.08.2020, inviting Expression of Interest (EOI), and received two EOIs. The CoC found the plans unfeasible and called for negotiation. The CoC decided to put the plans to e-voting, but none were approved. The Resolution Professionals filed I.A. No. 1992/2021 seeking exclusion of 222 days, which was allowed. The CoC unanimously passed a resolution for

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## Facts

The case involves a Company Appeal (AT) (Insolvency) No. 1125 of 2022 against an order dated 17.08.2022 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court IV. The Adjudicating Authority dismissed I.A. 1528/ND/2022, which was filed by the Resolution Professional seeking approval of a Resolution Plan for the Corporate Debtor, Ajanta Offset Packaging Limited, and directed the Corporate Debtor's liquidation. The CIRP was initiated on 04.02.2020. The Resolution Professional issued Form G on 19.08.2020, inviting Expression of Interest (EOI), and received two EOIs. The CoC found the plans unfeasible and called for negotiation. The CoC decided to put the plans to e-voting, but none were approved. The Resolution Professionals filed I.A.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Resolution Plan submitted by the …

**Ratio:** The Adjudicating Authority has the power to approve or reject a Resolution Plan based on

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**Reasoning:** The Adjudicating Authority rejected the Resolution Plan primarily because the Appellants

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**Interpretation:** Section 29A of the IBC specifies criteria for ineligibility to submit a

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**Application:** In this case, the Tribunal affirmed the Adjudicating Authority's decision,

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Govind Pras…
- **Respondents:** Ajanta Offset &…; AJANTA OFFSET AND…; +1 more

## Timeline

- **2020-02-04 — CIRP Init…**: The Adjudicating Authority initiated the…
- **2020-08-19 — Form G Is…**: The Resolution Professional issued Form G, calling for Expression of Interest (EOI) from…

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