# 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-01005. 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-01005
- **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-ff0734c8

## 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 successfully obtained approval of the Resolution Plan from the Committee of Creditors, leading to the filing of an application for its approval.

## 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 Mr. Soumitra Lahiri was appointed as the Interim Resolution Professional, later becoming the Resolution Professional. The Resolution Professional obtained approval for a Resolution Plan from the Committee of Creditors with 100% voting share. The Resolution Plan was submitted by a consortium including Mr. Animesh Karar. The Committee of Creditors deliberated and negotiated the plan, holding meetings on September 18 and 21, 2019, before adjourning to September 24, 2019, where the revised plan was approved. The court verified compliance with the Insolvency &

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## Issues and analysis

### Issue 1: Whether the Resolution Plan of Kanupat Himghar Private Limited, approved by the CoC with 100% …

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

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**Reasoning:** The court was satisfied that the Resolution Plan had been approved by the Committee of

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

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**Application:** The court applied Section 31(1) to the facts of the case, noting that the

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## Parties

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

## Timeline

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

## 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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