# In the matter of Amar Remedies Limited IA No. 137-MB-2021 in C.P. (IB) No. 1053-MB-2017

> NCLT judgment dated 2021-03-25. Citation: TCN-2021-NCLT-02571. The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 25 Mar 2021
- **Citation:** TCN-2021-NCLT-02571
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amar-remedies-limited-ia-no-137-mb-2021-in-cp-ib-no-1053-mb-2017-b47b3886

## Summary

### Background

The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Amar Remedies Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the Code. An Interim Resolution Professional (IRP) was appointed, followed by the constitution of a Committee of Creditors (CoC). The IRP was later replaced by the Applicant as the Resolution Professional (RP). The CIRP period was extended, and multiple attempts were made to solicit resolution plans. Ultimately, the CoC approved the resolution plan submitted by P K Hospitality Services Private Limited with a voting share of 88.78%.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Amar Remedies Limited was initiated upon the admission of a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC) by the NCLT Mumbai Bench on June 16, 2017. Jayashree Shukla Dasgupta was appointed as the Interim Resolution Professional (IRP). Public announcements were made on June 30, 2017, July 2, 2017, and July 3, 2017, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on July 21, 2017. The IRP was replaced by the Applicant as the Resolution Professional (RP) on July 28, 2017, and this appointment was confirmed by the NCLT on October 6, 2017. An application for extension of the CIRP period was initially dismissed but later allowed by the NCLAT. The RP issued

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by P K Hospitality Services Private Limited meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it provides for

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Anil…
- **Respondents:** Amar Remedies…

## Timeline

- **2017-06-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated upon admission of a Petition…
- **2017-06-30 — Public Annou…**: IRP published public announcement…

## 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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