# In the matter of A.P. Gems and Jewellary Pack Private Limited I.A. No. 214  of 2021 in C.P. (IB) No. 143-7-HDB-2019

> NCLT judgment dated 2022-01-03. Citation: TCN-2022-NCLT-04564. The case involves an application (I.A. No. 214/2021) filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLT-04564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ap-gems-and-jewellary-pack-private-limited-ia-no-214-of-2021-in-cp-ib-no-143-7-h-4bac41cb

## Summary

### Background

The case involves an application (I.A. No. 214/2021) filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan for A.P. Gems & Jewellary Park Private Limited, the Corporate Debtor. The main petition was filed by M/s Phoenix Tech Tower Private Limited under Section 7 of the IBC and was admitted by the Adjudicating Authority on 04.06.2019, initiating the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) discovered that the Corporate Debtor's name had been struck off the register of companies, leading to an appeal and subsequent restoration order by the Tribunal on 07.11.2019. The RP invited claims from creditors, constituted a Committee of

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## Facts

M/s Phoenix Tech Tower Private Limited initiated CIRP against A.P. Gems & Jewellary Park Private Limited (Corporate Debtor) under Section 7 of IBC. The application was admitted on 04.06.2019. Dr. K. V. Srinivas was appointed as the Interim Resolution Professional (IRP) and continued as the Resolution Professional (RP). The RP discovered that the Corporate Debtor's name was struck off the register of companies and successfully appealed for its restoration on 07.11.2019. A public announcement was made on 21.11.2019, inviting claims from creditors. The Committee of Creditors (CoC) initially comprised Phoenix Tech Tower Private Limited (41% voting share) and APSTPC (59% voting share). The RP received four expressions of interest (EOIs) from prospective resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by ACE Urban Developers Private Limited meets the …

**Ratio:** The resolution plan must comply with the provisions of Section 30(2) of the IBC, which

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**Reasoning:** The Tribunal considered the submissions of the Resolution Professional and reviewed the

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

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**Application:** In this case, the Tribunal found that the resolution plan submitted by ACE

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## Parties

- **Judges:** N. Venkata…; Veera Brahma Rao…
- **Respondents:** A.P. GEMS &…; A.P.Gems &…

## Timeline

- **2019-06-04 — Admission o…**: The Adjudicating Authority admitted the main petition filed by M/s Phoenix Tech Tower…
- **2019-11-07 — Restoration of Company…**: The Tribunal ordered the restoration of the Corporate Debtor's name in the register of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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