# In the matter of Cyclo Transmission Ltd. IA No. 2240 of 2020 along with IA No. 331 of 2021, MA No. 725,1729 of 2020 & in C.P. (IB) No. 381 of 2018

> NCLT judgment dated 2021-07-16. Citation: TCN-2021-NCLT-01703. The case pertains to a Miscellaneous Application filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 16 Jul 2021
- **Citation:** TCN-2021-NCLT-01703
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cyclo-transmission-ltd-ia-no-2240-of-2020-along-with-ia-no-331-of-2021-ma-no-725-a5ded1ba

## Summary

### Background

The case pertains to a Miscellaneous Application filed by the Resolution Professional (RP) of Cyclo Transmission Limited, the Corporate Debtor, for approval of a Resolution Plan submitted by Rotomotive Powerdrives India Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-12-18. The RP was appointed as the Interim Resolution Professional (IRP) and made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with IDBI Bank Limited holding 86.48% of the voting share and Abhyudhaya Co-op. Bank Limited holding 13.52%. Several meetings of the CoC were held to invite Expressions of Interest (EOI) and evaluate resolution plans. An earlier resolution plan submitted by Aniruddha Ghole was withdrawn due

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Cyclo Transmission Limited was initiated on 2018-12-18. Mr. Vijendra Kumar Jain was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with IDBI Bank Limited holding 86.48% and Abhyudhaya Co-op. Bank Limited holding 13.52% of the voting share. Several attempts were made to find a suitable resolution applicant. An earlier resolution plan submitted by Mr. Aniruddha Ghole was withdrawn due to his failure to furnish a bank guarantee. Rotomotive Powerdrives India Limited submitted a Resolution Plan, which was approved by the CoC with a 100% majority. The total financial outlay in the Resolution Plan is Rs.11 Crores. The Resolution Plan includes provisions for payment towards CIRP

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Rotomotive Powerdrives India Limited complies with the …

**Ratio:** The Resolution Plan must comply with Sections 30 and 31 of the IBC and Regulations 38 and

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**Reasoning:** The Tribunal relied on the compliance certificate submitted by the RP, which stated that

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**Interpretation:** The IBC mandates that a resolution plan must meet certain criteria to be

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**Application:** In this case, the RP submitted a compliance certificate stating that the

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Vijendra Kumar…
- **Respondents:** Cyclo Transmission…; Pandurang…

## Timeline

- **2018-12-18 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) of Cyclo Transmission Limited was…
- **2018-12-25 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## 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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