# In the matter of Emmanuel Engineering Pvt. Ltd. MA-276-2019 in TCP-385-2017

> NCLT judgment dated 2019-06-24. Citation: TCN-2019-NCLT-02809. The case involves the liquidation process of a Corporate Debtor. During the process, the…

- **Court:** NCLT
- **Order date:** 24 Jun 2019
- **Citation:** TCN-2019-NCLT-02809
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emmanuel-engineering-pvt-ltd-ma-276-2019-in-tcp-385-2017-9a4162d2

## Summary

### Background

The case involves the liquidation process of a Corporate Debtor. During the process, the Applicants, Mr. Jeparaj and Mr. Robson, settled with the Secured Creditors and purchased the assets of the Corporate Debtor as a 'going concern' under the supervision of the Financial Creditors. A report was filed by the Liquidator. The Financial Creditors held a meeting on 2019-06-11 and passed a resolution approving the resolution plan submitted by the Applicants, subject to certain conditions.

## Facts

The Applicants, Mr. Jeparaj and Mr. Robson, settled with the Secured Creditors and purchased the assets of the Corporate Debtor as a 'going concern' under the supervision of the Financial Creditors. The Financial Creditors held a meeting on 2019-06-11 and passed a resolution approving the resolution plan submitted by the Applicants, subject to the Applicants furnishing an affidavit/performance guarantee to deal with the liabilities proposed to be waived off in the plan. The resolution plan involved the Applicants taking over the Corporate Debtor as a going concern with certain concessions. The court closed the liquidation proceedings as there was no requirement to dissolve the Corporate Debtor, which was taken over by the Applicants as a 'going concern'. The Applicants

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Applicants for taking over the Corporate Debtor as a …

**Ratio:** A resolution plan can be approved if it is consented to by the financial creditors and

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**Reasoning:** The Financial Creditors passed a resolution approving the resolution plan submitted by

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**Interpretation:** The resolution plan is subject to the Applicants furnishing an

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**Application:** The court considered the resolution passed by the Financial Creditors and

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** J.JEP…
- **Respondents:** THE CHIEF M…

## Timeline

- **2017-01-01 — Petition…**: TCP/385/2017 petition…
- **2019-06-11 — Financial Creditors…**: Meeting of the Financial Creditors held where a resolution was passed approving the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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