# In the matter of Hirakud Industrial Works Limited IA (lBC) No..197-CTB-20l9 ln CP (IB) No.1-CTB-2019

> NCLT judgment dated 2021-12-22. Citation: TCN-2021-NCLT-00066. Nandakini Contractors Private Limited initiated Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 22 Dec 2021
- **Citation:** TCN-2021-NCLT-00066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hirakud-industrial-works-limited-ia-lbc-no197-ctb-20l9-ln-cp-ib-no1-ctb-2019-4daf89f4

## Summary

### Background

Nandakini Contractors Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Hirakud Industrial Works Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted, and Mr. Ananda Rao Korada was appointed as the Interim Resolution Professional (IRP). Public announcement of the CIRP commencement was made, inviting creditors to file their claims. The Committee of Creditors (CoC) was constituted. The RP issued advertisements inviting resolution plans from prospective applicants. Two resolution plans were received from Regus Impex Private Limited and Kanpur Properties and Finance Private Limited. Hindalco Limited's request to submit a resolution plan after the expiry of the deadline was

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## Facts

Nandakini Contractors Private Limited initiated CIRP against Hirakud Industrial Works Limited. The petition was admitted, and Ananda Rao Korada was appointed as IRP. Public announcement was made, and a CoC was formed. The liquidation value and fair value of the company were determined by registered valuers. The RP invited resolution plans, receiving two from Regus Impex Private Limited and Kanpur Properties and Finance Private Limited. Hindalco Limited's late request to submit a plan was rejected. Kanpur Properties did not offer a security deposit. The CoC approved Regus Impex's plan with 87.40% vote. The plan proposed ₹340 crore investment, including ₹40 crore equity and ₹300 crore debt. The plan aims to revive the company and generate employment. The resolution plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Regus Impex Private Limited complies with the requirements …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complies with

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the resolution plan

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Regus

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Nandakini…
- **Respondents:** Hirakud Industrial…

## Timeline

- **2019-06-04 — Admission of…**: Petition filed by Nandakini…
- **2019-06-07 — Public Announcement of…**: Public announcement of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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