# In the matter of GGS Infrastructure Private Limited MA 1240-2019 in CP No.1340-I&BC-MB-MAH-2017

> NCLT judgment dated 2019-08-30. Citation: TCN-2019-NCLT-01661. The case involves an application under Section 30(1) &(6) and Order under section 31 of the…

- **Court:** NCLT
- **Order date:** 30 Aug 2019
- **Citation:** TCN-2019-NCLT-01661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ggs-infrastructure-private-limited-ma-1240-2019-in-cp-no1340-ibc-mb-mah-2017-aa54225c

## Summary

### Background

The case involves an application under Section 30(1) &(6) and Order under section 31 of the Insolvency & Bankruptcy Code 2016 regarding GGS Infrastructure Private Limited. Sanjay Talakshi Mamaniya, the financial creditor, initiated proceedings against GGS Infrastructure Private Limited, the corporate debtor, due to a financial debt of Rs. 10,67,235/-. The petition was admitted on 04.10.2017, and Mr. Martin Golla was initially appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, and they confirmed Mr. Golla's appointment as the Resolution Professional (RP).

## Facts

Sanjay Talakshi Mamaniya, a financial creditor, filed a petition against GGS Infrastructure Private Limited, the corporate debtor, for a financial debt of Rs. 10,67,235/-. The petition was admitted on 04.10.2017. Mr. Martin Golla was initially appointed as the IRP and later confirmed as RP. An invitation for 'Expression of Interest' was published to invite prospective Resolution Applicants. Mr. Aahad Karim Jagmagia submitted a resolution plan. The CIRP commenced on 04.10.2017, and extensions were granted. Mr. Naren Sheth was appointed as the new RP after Mr. Golla's registration was annulled. The CoC approved the resolution plan with a 90.93% vote on 28.03.2019. The resolution plan includes conversion of loan into equity, payment of CIRP costs, settlement of dues to

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## Issues and analysis

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

**Ratio:** Section 30(2) of the IBC, 2016, outlines the requirements for a resolution plan,

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**Reasoning:** The Adjudicating Authority (AA) examined the Resolution Plan to ensure it met the

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be approved.

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**Application:** The AA found that the Resolution Plan complied with Section 30(2) of the IBC,

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Sanjay Talakshi…
- **Respondents:** GGS Infrastructure…

## Timeline

- **2017-10-04 — Petition Ad…**: The petition filed by the…
- **2017-11-23 — CoC Meet…**: Meeting held for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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