# In the matter of Kanupat Himghar Private Limited CA(IB) No. 1290-KB-2019 in CP(IB) No. 1103-KB-2018

> NCLT judgment dated 2019-10-14. Citation: TCN-2019-NCLT-01000. The case involves an application filed by United Bank of India, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 14 Oct 2019
- **Citation:** TCN-2019-NCLT-01000
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kanupat-himghar-private-limited-caib-no-1290-kb-2019-in-cpib-no-1103-kb-2018-117470af

## Summary

### Background

The case involves an application filed by United Bank of India, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kanupat Himghar Private Limited, the Corporate Debtor, for initiating the insolvency resolution process. The application was admitted on January 15, 2019, and Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional, later regularized as the Resolution Professional. The Resolution Professional continued the process and obtained approval of the Resolution Plan from the Committee of Creditors with a 100% voting share.

## Facts

United Bank of India initiated insolvency proceedings against Kanupat Himghar Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on January 15, 2019, and Soumitra Lahiri was appointed as the Interim Resolution Professional, later becoming the Resolution Professional. The Committee of Creditors (CoC) approved a resolution plan submitted by a consortium including Animesh Karar, Raghbir Singh, and Arup Kumar Ghosh with 100% voting share. The CoC deliberated on the plan after commercial negotiations with the Resolution Applicants. The Resolution Professional certified the correctness of the procedures followed. The court found no objections from shareholders and was satisfied that the plan complied with the IBC, 2016,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan of Kanupat Himghar Private Limited, approved by the Committee of …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, provides that if the

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**Reasoning:** The court noted that the Resolution Plan was approved by the Committee of Creditors with

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** In this case, the Resolution Plan was approved by the CoC with 100% voting

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Kanupat Himghar…

## Timeline

- **2018-01-01 — Filing of CP(IB) No.…**: The CP(IB) No. 1103/KB/2018 was filed by United Bank of India under Section 7 of the…
- **2019-01-15 — Admission of Application…**: The application was admitted, and Mr. Soumitra Lahiri was appointed as the Interim…

## 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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