# In the matter of Lanco Hoskote Highway Limited I.A. No. 652 of 2020 in C.P  No. (IB) 133-7-HDB-2019

> NCLT judgment dated 2021-04-26. Citation: TCN-2021-NCLT-02294. The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 26 Apr 2021
- **Citation:** TCN-2021-NCLT-02294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanco-hoskote-highway-limited-ia-no-652-of-2020-in-cp-no-ib-133-7-hdb-2019-3cc95644

## Summary

### Background

The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a resolution plan for Lanco Hoskote Highway Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 17.10.2019. The resolution plan was submitted by Kalyan Toll Infrastructure Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Lanco Hoskote Highway Limited was initiated on 17.10.2019. Edelweiss Asset Reconstruction Company Limited and State Bank of India were the financial creditors, holding 32% and 68% of the voting share, respectively. Three resolution plans were received, including one from Kalyan Toll Infrastructure Limited. The CoC approved the resolution plan submitted by Kalyan Toll Infrastructure Limited with 100% voting share. The resolution plan provided for a total amount of Rs. 201.89 crores. The Resolution Applicant sought certain reliefs and waivers from the National Highways Authority of India (NHAI). The liquidation value of the Corporate Debtor was Rs. 110.78 crores, and the fair market value was Rs. 181.44 crores.

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Kalyan Toll Infrastructure Limited meets the requirements …

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

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**Reasoning:** The NCLT found that the resolution plan complied with Section 30(2) of the IBC and

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The NCLT applied the requirements of Section 30(2) to the resolution plan

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## Parties

- **Judges:** Bhaskara Pantula…; Veera Brahma Rao…; +2 more
- **Appellants:** Edelweiss Asset…
- **Respondents:** Lanco Hoskote…

## Timeline

- **2019-10-17 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2020-07-30 — 9th Meeting…**: The minutes of the 9th meeting of the COC held…

## 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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