# In the matter of Abir Infrastructure Private Limited IA No. 1139-2021 in CP (IB) No. 893-ND-2018

> NCLT judgment dated 2021-10-28. Citation: TCN-2021-NCLT-00675. The case pertains to an application filed by the Resolution Professional, Mr. B Naga Bhushan,…

- **Court:** NCLT
- **Order date:** 28 Oct 2021
- **Citation:** TCN-2021-NCLT-00675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abir-infrastructure-private-limited-ia-no-1139-2021-in-cp-ib-no-893-nd-2018-4dd971e7

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Mr. B Naga Bhushan, for the approval of a Resolution Plan under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Abir Infrastructure Private Limited following an application by M/S Vinayak Wire Products Private Limited, an Operational Creditor, under Section 9 of the Code. The Tribunal admitted the application on 30.01.2019 and appointed Mr. Alok Kumar Agarwal as the Interim Resolution Professional (IRP). The Resolution Plan was approved by the Committee of Creditors (CoC) in its eighteenth meeting.

## Facts

M/S Vinayak Wire Products Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Abir Infrastructure Private Limited. The Tribunal admitted the application on 30.01.2019 and appointed Mr. Alok Kumar Agarwal as the Interim Resolution Professional (IRP). A winding-up petition against the corporate debtor was filed by a creditor and admitted by the Honorable High Court, Delhi. The Registered office, Corporate Office, and books of accounts of the corporate debtor were seized by the Official Liquidator. Mr. B. Naga Bhushan was appointed as RP. The CoC approved the modified eligibility criteria for submission of EOI through Form G. M/s

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s SREI Multiple Asset Investment Trust meets the …

**Ratio:** Section 30(2) and (4) of the IBC, 2016 outlines the requirements for a resolution plan,

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**Reasoning:** The Tribunal perused the Resolution Plan and considered the submissions made, observing

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**Interpretation:** Section 30(2) and (4) of the IBC, 2016 sets out the mandatory requirements that

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**Application:** The Resolution Plan submitted by M/s SREI Multiple Asset Investment Trust was

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** B.Naga Bh…
- **Respondents:** M/S Abir Infrastru…; M/S Vinayak Wire…

## Timeline

- **2018-01-01 — CP (IB) NO. 89…**: Filing of CP (IB) NO.…
- **2019-01-30 — Admission of Ap…**: Tribunal admitted the application and appointed Mr. Alok Kumar Agarwal as the Interim…

## 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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