# In the matter of Gupta Infratec Private Limited MA No. 1334 of 2018 in C.P. (IB) No. 1398-MB-2017

> NCLT judgment dated 2021-05-19. Citation: TCN-2021-NCLT-02124. The case pertains to an application filed by the Resolution Professional of Gupta Infratec Pvt.…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gupta-infratec-private-limited-ma-no-1334-of-2018-in-cp-ib-no-1398-mb-2017-733b8371

## Summary

### Background

The case pertains to an application filed by the Resolution Professional of Gupta Infratec Pvt. Ltd. under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by CIAN Agro Industries and Infrastructure Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 01.02.2018, following the admission of a petition under Section 7 of the Code. Mr. Ranjit D Jain was initially appointed as the Interim Resolution Professional (IRP), later replaced by the current applicant. The IRP invited claims from creditors, constituted a Committee of Creditors (CoC), and the CoC confirmed the IRP as the Resolution Professional (RP). The RP appointed valuers for financial assets and land/building. The applicant issued

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Gupta Infratec Private Limited on 01.02.2018, following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). Ranjit D Jain was initially appointed as the Interim Resolution Professional (IRP) but was later replaced. The IRP published a public announcement on 10.02.2018, inviting claims from creditors. A Committee of Creditors (CoC) was constituted on 03.03.2018. The Resolution Professional (RP) appointed valuers to assess the financial assets and land/building of the corporate debtor. Form-G was issued on 28.04.2018, inviting expressions of interest (EOI) from prospective resolution applicants (PRAs). Two EOIs were received from CIAN Agro Industries and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by CIAN Agro Industries and Infrastructure Limited meets the …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the Code, which includes provisions

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**Reasoning:** The court examined the Resolution Plan to ensure that it adequately addresses the

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**Interpretation:** Section 30(2) sets out the mandatory requirements that a resolution plan must

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**Application:** The court found that the Resolution Plan provides for the payment of CIRP

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Abhay N. Ma…
- **Respondents:** Gupta Infratec…; Bank of…

## Timeline

- **2018-02-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2018-02-10 — Public Annou…**: The IRP published public announcement on 10.02.2018 inviting claims from the creditors 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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