# Approval of Resolution Plan - NSP Hospitech India Private Limited

> NCLT judgment dated 2019-06-06. Citation: TCN-2019-NCLT-03043. The case pertains to an application (CA 679/2019) filed by the Resolution Professional for…

- **Court:** NCLT
- **Order date:** 6 Jun 2019
- **Citation:** TCN-2019-NCLT-03043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-nsp-hospitech-india-private-limited-f555b26b

## Summary

### Background

The case pertains to an application (CA 679/2019) filed by the Resolution Professional for approval of the Resolution Plan, which was considered and accepted by the Committee of Creditors (COC) in its meeting on February 21, 2019. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Mehta Tubes Limited, due to non-payment of outstanding dues. The CIR process was admitted on December 4, 2018. The Interim Resolution Professional, Mr. Mukesh Kumar Grover, issued public notices and collated claims. He was later confirmed as the Resolution Professional. Status reports were filed, and a resolution plan approved by the COC was submitted for final consideration.

## Facts

Mehta Tubes Limited faced Corporate Insolvency Resolution Process (CIRP) due to non-payment of outstanding dues. The CIRP was initiated following an application by Mehta Tubes Limited, the operational creditor. The application CA 679/2019 was filed by the Resolution Professional for approval of the Resolution Plan. The Committee of Creditors (COC) approved the plan in its meeting dated February 21, 2019. The CIR process was admitted on December 4, 2018. Mr. Mukesh Kumar Grover was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. There are three principal financial claimants with total admitted claims of Rs. 4,48,54,748/-. Employee claims were quantified at Rs. 54,45,880/-, and statutory dues are Rs. 28,79,754/-. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional complies with the requirements …

**Ratio:** Section 30(2) of the IBC, 2016, outlines the requirements that a resolution plan must

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**Reasoning:** The Bench examined the Resolution Plan and found that it adhered to the requirements of

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**Interpretation:** Section 30(2) is interpreted to ensure that a resolution plan is comprehensive

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**Application:** In this case, the Resolution Plan was found to be in compliance with Section

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## Parties

- **Judges:** Ina Mal…; SH. V.K. SU…
- **Respondents:** Mehta Tubes…; NSP Hospitech…

## Timeline

- **2018-12-04 — Admission of CI…**: The Corporate Insolvency Resolution Process (CIRP) was admitted vide order dated 4th…
- **2019-02-21 — COC Meet…**: The Resolution Plan was considered and accepted by the COC in its meeting dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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