# In the matter of Ambey Constructech Private Limited CA No. 509-2019 in CP (IB) No. 09-Chd-Pb-2018

> NCLT judgment dated 2019-02-20. Citation: TCN-2019-NCLT-04762. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ambey Constructech…

- **Court:** NCLT
- **Order date:** 20 Feb 2019
- **Citation:** TCN-2019-NCLT-04762
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambey-constructech-private-limited-ca-no-509-2019-in-cp-ib-no-09-chd-pb-2018-b3add24d

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ambey Constructech Private Limited. The petition was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-02-13, and a moratorium was declared under Section 14 of the Code. Ajay Kumar Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, with Punjab National Bank as the sole secured Financial Creditor. The IRP was later replaced by Sumat Kumar Gupta as the Resolution Professional (RP). The CIRP period was extended by 90 days on 2018-08-07. The resolution plan was submitted by Shri Puneet Garg and Shri Harvinder Pal Singla, Directors of the Corporate Debtor, and approved by the CoC with

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## Facts

Ambey Constructech Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following a petition under Section 10 of the Code, which was admitted on 2018-02-13. A moratorium was imposed under Section 14. Punjab National Bank was the sole financial creditor. Ajay Kumar Jain was initially appointed as the Interim Resolution Professional (IRP), later replaced by Sumat Kumar Gupta as the Resolution Professional (RP). A resolution plan was submitted by Puneet Garg and Harvinder Pal Singla, suspended Directors of the Corporate Debtor. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The resolution plan proposed a payment of ₹645 lacs to the financial

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it met all the criteria

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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**Application:** The resolution plan was found to comply with Section 30(2) as it provided for

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** Ambey Constructech…

## Timeline

- **2018-02-13 — Petition Ad…**: Petition under Section 10 of IBC admitted,…
- **2018-02-15 — Appointment…**: Shri Ajay Kumar Jain appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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