# In the matter of Ambient Computronics Private Limited IA (IB) NO. 802-KB-2021 in CP (IB) No. 993-KB-2018

> NCLT judgment dated 2021-12-14. Citation: TCN-2021-NCLT-00167. The case involves an application under sections 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 14 Dec 2021
- **Citation:** TCN-2021-NCLT-00167
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambient-computronics-private-limited-ia-ib-no-802-kb-2021-in-cp-ib-no-993-kb-201-a8437ab8

## Summary

### Background

The case involves an application under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of a Resolution Plan for Ambient Computronics Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Switching AVO Electro Power Limited against Ambient Computronics Private Limited under section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2020-12-10. Mr. Subodh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

## Facts

Switching AVO Electro Power Limited initiated Corporate Insolvency Resolution Process (CIRP) against Ambient Computronics Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2020-12-10. Subodh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was initially constituted with Bank of Baroda and Elnova Private Limited, but later reconstituted with two Operational Creditors after Bank of Baroda withdrew its claim. Fourteen CoC meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were published, and an EoI was

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of sections 30 and 31 of the Insolvency …

**Ratio:** Sections 30 and 31 of the IBC outline the process for submission and approval of a

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

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that the resolution

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**Application:** In this case, the Adjudicating Authority applied the provisions of sections 30

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Ambient Computroni…

## Timeline

- **2018-01-01 — CP (IB) No.993…**: Underlying company petition bearing CP (IB) No. 993/KB/2018 was filed by Switching AVO…
- **2020-12-10 — Admission of Company…**: The company petition filed by Switching AVO Electro Power Limited against Ambient…

## 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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