# In the matter of Hind Motors India Limited CP (IB) No. 06-Chd-CHD-2017

> NCLT judgment dated 2017-09-12. Citation: TCN-2017-NCLT-00428. The case pertains to the insolvency resolution process of M/s. Hind Motors India Limited. The…

- **Court:** NCLT
- **Order date:** 12 Sept 2017
- **Citation:** TCN-2017-NCLT-00428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hind-motors-india-limited-cp-ib-no-06-chd-chd-2017-b7961088

## Summary

### Background

The case pertains to the insolvency resolution process of M/s. Hind Motors India Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Krishan Vrind Jain, was appointed, and a moratorium was declared. The Committee of Creditors (CoC) was constituted, and several meetings were held to consider resolution plans. However, the resolution plans proposed were rejected by the CoC. The CoC ultimately recommended the company for liquidation.

## Facts

M/s. Hind Motors India Limited faced insolvency, leading to the initiation of CIRP under Section 10 of the IBC. The application was admitted on 2017-03-09, and a moratorium was imposed. Mr. Krishan Vrind Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, comprising Union Bank of India, ICICI Bank, SIDBI, and Fixed Deposit holders. Several CoC meetings were held between 2017-04-07 and 2017-09-04 to consider resolution plans. A resolution plan proposed by Mr. Ashish Mohan Gupta was rejected by the CoC. The CoC, with 78.49% voting share, recommended the company's liquidation. The last meeting of the CoC was held on 2017-09-04. The maximum period for the CIRP expired on 2017-09-05, and no resolution plan was

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## Issues and analysis

### Issue 1: Whether the resolution plan proposed by Representative …

**Ratio:** The resolution plan was rejected by the Committee of Creditors due to its repetitive

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**Reasoning:** The Committee of Creditors, exercising its commercial wisdom, found the resolution plan

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**Interpretation:** The Insolvency and Bankruptcy Code emphasizes the importance of a viable

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**Application:** The resolution plan proposed by Mr. Gupta was rejected because it did not

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## Parties

- **Judges:** R.P.Nag…
- **Respondents:** M/s. Hind Motors…

## Timeline

- **2017-03-09 — Admission of Ap…**: CP (IB) NO. 06/Chd/2017 filed under Section 10 of the Insolvency and Bankruptcy Code,…
- **2017-03-09 — Moratorium D…**: Moratorium was declared in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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