# In the matter of Earth Iconoic Infrastructure Pvt. Ltd. (IB)-16(PB)-2017

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02393. The case involves an application for liquidation of the corporate debtor, Earth Iconoic…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/earth-iconoic-infrastructure-pvt-ltd-ib-16pb-2017-3a3a1fb4

## Summary

### Background

The case involves an application for liquidation of the corporate debtor, Earth Iconoic Infrastructures Pvt. Ltd., based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Yogesh Gupta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Harish Chander Manchanda. The IRP issued a public announcement inviting claims from creditors, receiving 732 claims amounting to 172 crores. The CoC was constituted, and the IRP was confirmed as the Resolution Professional (RP). The RP appointed valuers to assess the liquidation value, which was determined to be Rs. 57.67 crores.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Earth Iconoic Infrastructures Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Yogesh Gupta was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Harish Chander Manchanda. The IRP received 732 claims from creditors, totaling 172 crores. The liquidation value of the company was determined to be Rs. 57.67 crores. The CoC rejected an Expression of Interest (EOI) from Migsum Group on 11.04.2019. Unicorn Buildtech & associates filed CA-1553(PB)/2019 seeking an opportunity to submit a resolution plan, which was initially allowed but later rejected by the CoC on 08.11.2019 with a 91% voting share. Another resolution plan submitted by

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor should be approved based on the …

**Ratio:** The CoC has the right to take its apply its commercial wisdom to the plans come before

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**Reasoning:** The court reasoned that the CoC is within its rights to decide on the resolution plan and

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**Interpretation:** This interpretation emphasizes the autonomy and authority granted to the CoC

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**Application:** The court applied this principle by deferring to the CoC's decision to

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## Parties

- **Judges:** B.S.V. Prakash…; SH. S.K MOH…
- **Appellants:** Anil Mahindroo &…
- **Respondents:** Earth Iconoic…

## Timeline

- **2018-04-20 — CP Admit…**: Corporate Professional was admitted and…
- **2018-05-22 — CoC Consti…**: The Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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