# In the matter of Aum Strucbuild Pvt. Ltd. IA 350-2019 in CP(IB) 285-2018

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01177. The case pertains to an Interlocutory Application (IA) No. 350 of 2019 filed in CP(IB) No.…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01177
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aum-strucbuild-pvt-ltd-ia-350-2019-in-cpib-285-2018-0689302c

## Summary

### Background

The case pertains to an Interlocutory Application (IA) No. 350 of 2019 filed in CP(IB) No. 285/9/NCLT/AHM/2018 under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by the Resolution Professional (RP), Mr. Pinakin Shah, seeking approval of a Resolution Plan for the Corporate Debtor, AUM Structbuild Private Limited. The Resolution Plan had been approved by 100% voting of the Committee of Creditors (CoC). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 12/11/2018.

## Facts

The Corporate Debtor, AUM Structbuild Private Limited, was admitted into CIRP. Mr. Pinakin Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 16/11/2018, inviting claims from creditors. The CoC was constituted on 04/12/2018, and its first meeting was held on 10/12/2018. Mr. Sanjay Patel, Director of the Corporate Debtor, submitted a Resolution Plan. The CoC approved the Resolution Plan with 100% voting share. The RP filed IA 350 of 2019 seeking approval of the Resolution Plan. The Resolution Plan includes provisions for payment of insolvency resolution process costs, financial creditors, and operational creditors. The claim of the Operational Creditor, Venus

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## Issues and analysis

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

**Ratio:** Section 30 of the Insolvency and Bankruptcy Code, 2016 outlines the requirements for a

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

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**Interpretation:** Section 30 of the IBC is interpreted to mean that a Resolution Plan must meet

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**Application:** In this case, the Resolution Plan was found to comply with Section 30 of the

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** AUM Structbuild…
- **Advocates:** Pavan God…; Ishan…; +2 more

## Timeline

- **2018-11-12 — CIRP Commen…**: Order of this Bench in CP 285/9/NCLT/AHM/2018 dated 12/11/2018 appointed Mr. Pinakin Shah…
- **2018-11-13 — CIRP Timelin…**: Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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