# In the matter of Drake and Scull Water & Energy India Private Limited CA No. 1192-2019 & 77 -2020 in IA 239-2020 in CP (IB) No. 7-Chd-Hry-2018

> NCLT judgment dated 2020-12-03. Citation: TCN-2020-NCLT-00177. The case involves the approval of a resolution plan submitted by Passavant Energy & Environment…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00177
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/drake-and-scull-water-energy-india-private-limited-ca-no-1192-2019-77-2020-in-ia-1a290b6d

## Summary

### Background

The case involves the approval of a resolution plan submitted by Passavant Energy & Environment GmbH for Drake & Scull Water & Energy India Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application by an operational creditor, M/s Shiva Shakti Elmech Private Limited, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting share.

## Facts

M/s Shiva Shakti Elmech Private Limited initiated CIRP against M/s Drake and Scull Water & Energy India Private Limited (Corporate Debtor) under Section 9 of the IBC. The CIRP was admitted on 2018-10-30. Ms. Nisha Malpani was appointed as Interim Resolution Professional (IRP), later replaced by Mr. Shiv Nandan Sharma. The IRP received claims from secured and operational creditors and constituted the Committee of Creditors (CoC). Passavant Energy & Environment GmbH (R1) and Maa Pahari Mercantiles Private Limited (R2) submitted resolution plans. The CoC found R2's plan deficient. The CoC approved the resolution plan of Passavant Energy & Environment GmbH with 100% voting share on 2019-11-13. The resolution plan proposed payment of insolvency resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Passavant Energy & Environment GmbH meets the …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure compliance with each

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** The Adjudicating Authority found that the resolution plan generally complied

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Respondents:** Drake and Scull…; M/s Drake and…

## Timeline

- **2018-10-30 — CIRP Init…**: CIRP initiated against Drake & Scull…
- **2018-10-30 — Appointment…**: Ms. Nisha Malpani appointed as…

## 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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