# In the matter of Anush Finlease & Construction Pvt. Ltd. CP-(IB)-1705-PB-2018

> NCLT judgment dated 2020-04-01. Citation: TCN-2020-NCLT-01415. The Resolution Professional (Ashish Gupta) and the Resolution Applicant (M/s. Kendriya Bhandar,…

- **Court:** NCLT
- **Order date:** 1 Apr 2020
- **Citation:** TCN-2020-NCLT-01415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anush-finlease-construction-pvt-ltd-cp-ib-1705-pb-2018-16eb767f

## Summary

### Background

The Resolution Professional (Ashish Gupta) and the Resolution Applicant (M/s. Kendriya Bhandar, Delhi) filed two unnumbered Applications seeking approval of the Resolution Plan approved by the CoC of the Corporate Debtor namely Anush Finlease and Construction Pvt. Ltd with 77.54% on 14.03.2020. Kendriya Bhandra also executed a performance security for ₹12Crore by way of fixed deposits on 23.3.2020. The reason for urgent hearing is, in the wake of Coronavirus outbreak in the country, the Resolution Applicant is proposing to convert the hotel and commercial complex in construction into a temporary shelter which could accommodate 2500-3000 persons and cater the needs of the Government as a measure to control spread of the pandemic.

## Facts

The Resolution Professional (Ashish Gupta) and the Resolution Applicant (M/s. Kendriya Bhandar, Delhi) filed two unnumbered Applications seeking approval of the Resolution Plan approved by the CoC of the Corporate Debtor namely Anush Finlease and Construction Pvt. Ltd with 77.54% on 14.03.2020. Kendriya Bhandra also executed a performance security for ₹12Crore by way of fixed deposits on 23.3.2020. The reason for urgent hearing is, in the wake of Coronavirus outbreak in the country, the Resolution Applicant is proposing to convert the hotel and commercial complex in construction into a temporary shelter which could accommodate 2500-3000 persons and cater the needs of the Government as a measure to control spread of the pandemic. The entire cost of the project,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional and Resolution Applicant …

**Ratio:** Section 31 of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating Authority

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**Reasoning:** The court considered the urgency of the matter due to the Coronavirus outbreak and the

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**Interpretation:** Section 31 of the IBC provides the framework for the approval of a resolution

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**Application:** The court applied Section 31 of the IBC to the facts of the case, considering

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## Parties

- **Judges:** B.S.V. Prakash…
- **Appellants:** Phoenix ARC Pvt.…
- **Respondents:** Anush Finlease…; Ashish Gup…

## Timeline

- **2020-03-14 — CoC Appr…**: The CoC of the Corporate Debtor…
- **2020-03-23 — Performance S…**: Kendriya Bhandra executed a performance…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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