# In the matter of ABT (Madras) Private Limited IA-600-CHE-2021 in IBA-873-2019

> NCLT judgment dated 2021-09-03. Citation: TCN-2021-NCLT-01198. The case pertains to IA/600/CHE/2021 filed in IBA/873/2019, concerning the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 3 Sept 2021
- **Citation:** TCN-2021-NCLT-01198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abt-madras-private-limited-ia-600-che-2021-in-iba-873-2019-1ae32841

## Summary

### Background

The case pertains to IA/600/CHE/2021 filed in IBA/873/2019, concerning the Corporate Insolvency Resolution Process (CIRP) of M/s. ABT (Madras) Private Limited. The application was filed by the Resolution Professional, Balakrishnan Venkatachalam, seeking approval of the resolution plan submitted by Baashyaam Infrastructure Private Limited, Mr. Abinesh Yuvarajan, and Mr. R. Yuvaraajan. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by a financial creditor, M/s. Asset Reconstruction Company (India) Limited. The Adjudicating Authority initiated CIRP against M/s. ABT (Madras) Private Limited on 04.12.2019. The Resolution Professional was appointed, made a public announcement, constituted a Committee of Creditors

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## Facts

M/s. ABT (Madras) Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by a financial creditor, M/s. Asset Reconstruction Company (India) Limited, under Section 7 of the IBC, 2016. The Adjudicating Authority initiated CIRP on 04.12.2019. Balakrishnan Venkatachalam was appointed as the Resolution Professional (RP). The RP made a public announcement and constituted a Committee of Creditors (CoC). The RP received Expression of Interest from 20 prospective Resolution Applicants. The CoC approved a resolution plan submitted by Baashyaam Infrastructure Private Limited, Mr. Abinesh Yuvarajan, and Mr. R. Yuvaraajan with 100% voting share on 28.06.2021. The resolution plan involved a scheme of merger where the Corporate Debtor (Transferor) is

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the requirements of …

**Ratio:** The Adjudicating Authority's power to approve a resolution plan is circumscribed by

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**Reasoning:** The court relied on the Supreme Court's judgments in K. Sashidhar -Vs- Indian Overseas

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The Adjudicating Authority examined the Resolution Plan and found that it

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** Balakrishnan…
- **Respondents:** M/s. ABT (Madras)…

## Timeline

- **2019-12-04 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…
- **2019-12-06 — Public Annou…**: Interim Resolution Professional…

## 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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