# In the matter of ICOMM Tele Limited IA 577-2019 in CP (IB) No. 462-7-HDB-2018

> NCLT judgment dated 2019-10-17. Citation: TCN-2019-NCLT-00945. The case pertains to IA No. 577 of 2019 filed in CP(IB) No. 462/7/HDB/2018 by the Resolution…

- **Court:** NCLT
- **Order date:** 17 Oct 2019
- **Citation:** TCN-2019-NCLT-00945
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/icomm-tele-limited-ia-577-2019-in-cp-ib-no-462-7-hdb-2018-730acc4b

## Summary

### Background

The case pertains to IA No. 577 of 2019 filed in CP(IB) No. 462/7/HDB/2018 by the Resolution Professional (RP) of ICOMM Tele Ltd, seeking approval of the resolution plan under Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 7 of the IBC by the Adjudicating Authority on 2018-10-04. An Interim Resolution Professional (IRP) was appointed, who then issued a public announcement inviting claims on 2018-10-07 and constituted a Committee of Creditors (COC) on 2018-10-29. The COC appointed the Applicant as the Resolution Professional on 2018-11-19. A total of 11 COC meetings were held, and the final resolution plan was put to vote, commencing on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against ICOMM Tele Ltd. following the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority on 2018-10-04. L&T Infrastructure Finance Company Ltd. was the original applicant. An Interim Resolution Professional (IRP) was appointed, who issued a public announcement inviting claims on 2018-10-07 and constituted a Committee of Creditors (COC) on 2018-10-29. The COC appointed Bhrugesh Amin as the Resolution Professional (RP) on 2018-11-19. Eleven COC meetings were held. The final resolution plan was put to vote, commencing on 2019-06-25 and concluding on 2019-06-29, and was approved by 83.89% of the COC members. The Resolution Applicant is

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional meets the requirements of …

**Ratio:** Section 30(2) of the I&B Code specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and observed that it provides for

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**Interpretation:** Section 30(2) of the I&B Code sets out the mandatory requirements that a

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) of the

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** Bhrugesh…
- **Respondents:** ICOMM Tel…

## Timeline

- **2018-10-04 — Admission of Application…**: Adjudicating Authority admitted an application U/s.7 of the IB Code, 2016 for initiation…
- **2018-10-07 — Public Annou…**: IRP issued Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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