# In the matter of Banyantree Developers Pvt. Ltd. I.A. 5288-ND-2021 in C.P. No. IB-2178-ND-2019

> NCLT judgment dated 2021-12-17. Citation: TCN-2021-NCLT-00132. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 17 Dec 2021
- **Citation:** TCN-2021-NCLT-00132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/banyantree-developers-pvt-ltd-ia-5288-nd-2021-in-cp-no-ib-2178-nd-2019-9bb87ef1

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Banyantree Developers Pvt. Ltd. The CIRP was initiated following an application by a Financial Creditor, leading to the appointment of Mr. Anil Tayal as the Interim Resolution Professional. Subsequently, a Committee of Creditors (CoC) was formed, and the applicant, Amit Arya, was appointed as the Resolution Professional (RP). The RP published an Expression of Interest, receiving two EOIs, but only one Resolution Plan from R.M. Alloys Private Limited was received. The CIRP period was extended by 90 days by the Adjudicating Authority. The Resolution Plan submitted by R.M. Alloys Private Limited was approved by the CoC with 100% voting shares.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Banyantree Developers Pvt. Ltd. based on an application by a Financial Creditor. Anil Tayal was appointed as the Interim Resolution Professional, followed by the formation of a Committee of Creditors (CoC). Amit Arya was then appointed as the Resolution Professional (RP). An Expression of Interest was published, and R.M. Alloys Private Limited submitted a Resolution Plan. The CIRP period was extended by 90 days. The CoC approved the Resolution Plan with 100% voting shares. The Resolution Applicant submitted a performance bank guarantee of Rs. 5,00,000. The repayment plan totaled Rs. 100 lacs, with allocations for CIRP costs, operational creditors, and financial creditors. The liquidation value of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by R.M. Alloys Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the Code specifies the mandatory requirements that a resolution plan

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it included

…

**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** SH. P.S.N.…; RAHUL BHA…
- **Appellants:** Amit…
- **Respondents:** Banyantree…

## Timeline

- **2021-03-01 — CIRP Init…**: Order passed by the Adjudicating Authority initiating CIRP against Banyantree Developers…
- **2021-04-20 — CoC Meet…**: The CoC appointed the Applicant as Resolution Professional (RP) of the corporate debtor…

## 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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