# In the matter of Hind Motors Ltd. CP (IB) No. 01-Chd-2017

> NCLT judgment dated 2017-08-28. Citation: TCN-2017-NCLT-00520. The case pertains to CP (IB) No. 01/Chd/2017 filed under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 28 Aug 2017
- **Citation:** TCN-2017-NCLT-00520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hind-motors-ltd-cp-ib-no-01-chd-2017-3fcd2ae1

## Summary

### Background

The case pertains to CP (IB) No. 01/Chd/2017 filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by the 'Corporate Debtor', M/s Hind Motors Ltd. The petition was admitted on 14.02.2017, and a moratorium was declared. An Interim Resolution Professional (IRP), Mr. Manik Goyal, was appointed. The Committee of Creditors (CoC) was formed, comprising Union Bank of India, State Bank of India, ICICI Bank, and 37 depositors. Union Bank of India, holding more than 75% of the voting share, requested the replacement of the IRP. CA No.68/2017 was filed by Union Bank of India for the appointment of Mr. Krishan Vrind Jain as the Resolution Professional (RP). IBBI confirmed his name, and he was appointed on 16.06.2017. The RP convened meetings of the CoC. A resolution

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## Facts

M/s Hind Motors Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 14.02.2017. A moratorium was declared, and Mr. Manik Goyal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, consisting of Union Bank of India, State Bank of India, ICICI Bank, and 37 depositors. Union Bank of India, holding more than 75% of the voting share, sought the replacement of the IRP, leading to the appointment of Mr. Krishan Vrind Jain as the Resolution Professional (RP). The RP convened meetings of the CoC, and a resolution plan was presented on 02.08.2017. However, the plan was rejected by the CoC, including Union Bank of India, due to non-conformity with Regulation 38 of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the 'Corporate Debtor' conforms to the requirements of the …

**Ratio:** The resolution plan must comply with Regulation 38 of the Insolvency and Bankruptcy

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**Reasoning:** The Committee of Creditors (CoC), including Union Bank of India holding more than 75% of

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**Interpretation:** Regulation 38 sets out the requirements for the contents of a resolution plan.

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**Application:** The resolution plan submitted by M/s Hind Motors Ltd. was found to be

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## Parties

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

## Timeline

- **2017-02-14 — Admission of…**: CP (IB) No.01/Chd/2017 filed under Section 10 of the Insolvency and Bankruptcy Code, 2016…
- **2017-02-14 — Moratorium D…**: A 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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