# In the matter of Exclusife Technosoft Pvt. Ltd. I.A. 3279-ND-2021 in C.P. No. IB-2694-ND-2019

> NCLT judgment dated 2021-10-29. Citation: TCN-2021-NCLT-00665. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Oct 2021
- **Citation:** TCN-2021-NCLT-00665
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/exclusife-technosoft-pvt-ltd-ia-3279-nd-2021-in-cp-no-ib-2694-nd-2019-79706520

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan for Exclusife Technosoft Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and the applicant was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) was duly constituted, and the applicant was appointed as the Resolution Professional (RP). Expression of Interest was published, and resolution plans were submitted by Consortium of ETPL and M/s Gofrugal Technologies Private Limited. The CoC approved the revised Resolution Plan submitted by M/s Gofrugal Technologies Private Limited with 99.09% voting shares.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Exclusife Technosoft Private Limited, the Corporate Debtor, via an order dated 2020-09-01. This order was passed by the Adjudicating Authority after admitting an application under Section 9 of the Insolvency and Bankruptcy Code filed by the Operational Creditor. Following the initiation of CIRP, a public announcement was made on 2020-09-04. A Committee of Creditors (CoC) was duly constituted, and its first meeting was held on 2020-10-01, where the applicant was appointed as the Resolution Professional (RP). An Expression of Interest (EOI) was published on 2020-11-22, but no prospective resolution applicant submitted an EOI initially. After a third publication of Form-G on 2021-02-26, the applicant

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 31 of the Code requires the Adjudicating Authority to examine that a Resolution

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**Reasoning:** The Adjudicating Authority considered the provisions of the Resolution Plan and found

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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

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## Parties

- **Judges:** Sh. Dharminder…; SUMITAPURKA…
- **Appellants:** Gupshup Technology…
- **Respondents:** Exclusife…

## Timeline

- **2020-09-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate…
- **2020-09-04 — Public Annou…**: Public announcement of…

## 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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