# In the matter of Alkas Spinning Mills Pvt. Ltd. Ivn.P-15(CHE)-2021 in IA-1046(CHE)-2021 in IBA-1180-2019

> NCLT judgment dated 2021-12-13. Citation: TCN-2021-NCLT-00193. The case involves multiple applications related to the insolvency resolution process of a…

- **Court:** NCLT
- **Order date:** 13 Dec 2021
- **Citation:** TCN-2021-NCLT-00193
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alkas-spinning-mills-pvt-ltd-ivnp-15che-2021-in-ia-1046che-2021-in-iba-1180-2019-7c996603

## Summary

### Background

The case involves multiple applications related to the insolvency resolution process of a corporate debtor. IA/1046(CHE)/2021 was filed by the Resolution Professional (RP) under Section 30 of the IBC, 2016, seeking approval of the Resolution Plan. IA/866(CHE)/2021 was filed by the erstwhile MSME/Board of Directors, aggrieved by the RP's actions and seeking to set aside the resolution passed in the 6th CoC meeting. MA/111(CHE)/2021 was filed by an unsuccessful resolution applicant seeking to withdraw their application but expressing interest in the EOI floated by the RP. Ivn.P/15(CHE)/2021 is filed by the erstwhile MSME / erstwhile Board of Directors against the RP and others seeking intervention in IA/1046(CHE)2021. The core issue revolves around the approval of the

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## Facts

The Corporate Debtor's CIRP commenced when its unit was not a going concern, and it was kept under lock and key with no activity. The 8th CoC meeting approved the Resolution Plan submitted by the Resolution Applicant. In the same meeting, the CoC decided to hand over the entire assets of the Corporate Debtor to the Resolution Applicant under a lease deed. The 8th CoC meeting took place on 2021-09-27, and on the same date, the assets were handed over to the successful Resolution Applicant. IA/1046(CHE)/2021 was filed seeking approval of the Resolution Plan, which is still pending. The Resolution Professional is directed to submit copy of the lease deed entered between the successful Resolution Applicant and the Corporate Debtor which was approved in the 8th CoC meeting

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## Issues and analysis

### Issue 1: Whether it is appropriate for the CoC/RP to hand over the complete property of the Corporate Debtor …

**Ratio:** The ratio is that handing over possession of the property to the successful Resolution

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**Reasoning:** The court reasoned that the Resolution Plan is pending before the Adjudicating Authority

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**Interpretation:** This interprets the IBC to mean that the adjudicating authority has the final

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**Application:** The ratio and reasoning apply to the specific facts because the CoC/RP handed

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** A An…
- **Respondents:** Alkas Spinning…; Mr.M.Suresh…
- **Advocates:** T.K. Bh…; V. Maniv…

## Timeline

- **2021-09-27 — 8th CoC M…**: Resolution Plan approved, and decision made to hand over assets to Resolution Applicant…
- **2021-12-13 — Order Da…**: Adjudicating Authority directs RP to take…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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