# In the matter of Lanco Infratech Ltd. IA Nos. 107,113-115,117,122,139,142-145,167,178,192-194,203-206,269 & 273-2018 in CP (IB) No. 111-7-HDB-2017

> NCLT judgment dated 2018-07-13. Citation: TCN-2018-NCLT-01148. The document pertains to several Interlocutory Applications (IAs) filed in a Corporate…

- **Court:** NCLT
- **Order date:** 13 Jul 2018
- **Citation:** TCN-2018-NCLT-01148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanco-infratech-ltd-ia-nos-107113-115117122139142-145167178192-194203-206269-273-587425d1

## Summary

### Background

The document pertains to several Interlocutory Applications (IAs) filed in a Corporate Insolvency Resolution Process (CIRP) against Lanco Infratech Limited. These applications primarily concern the consideration of a resolution plan submitted by Thriveni Earthmovers Private Limited (TEPL), employee salary and gratuity dues, and the exclusion of certain periods from the CIRP timeline. The Resolution Professional (RP) sought directions from the NCLT to the Committee of Creditors (CoC) to consider the revised resolution plan of TEPL. Several applications were filed by ex-employees seeking directions for the payment of their dues, including salaries, gratuity, and statutory dues.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Lanco Infratech Limited. IDBI Bank Limited is a key creditor. Thriveni Earthmovers Private Limited (TEPL) submitted a resolution plan, which underwent revisions. The Resolution Professional (RP) filed applications seeking directions for the Committee of Creditors (CoC) to consider the revised resolution plan. The CoC expressed difficulty in studying the plan due to time constraints as the CIRP deadline approached. Ex-employees of Lanco Infratech Limited filed applications seeking payment of outstanding salaries, gratuity, and statutory dues, including TDS and EPF. These dues were allegedly not paid for certain periods, including June and July 2017, and from November 2017 to March 2018. The

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) should be directed to consider the revised resolution plan …

**Ratio:** The Adjudicating Authority has the power to direct the CoC to consider a resolution plan

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**Reasoning:** The CoC expressed difficulty in studying the resolution plan due to time constraints. The

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**Interpretation:** The IBC aims to maximize the value of assets and ensure a timely resolution.

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**Application:** The NCLT directed the CoC to consider the revised resolution plan submitted by

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Lanco Infratech…
- **Respondents:** Lanco Infratech…; IDBI Bank L…
- **Advocates:** Surya…; Achu…; +10 more

## Timeline

- **2017-08-07 — Petition Ad…**: The petition for CIRP…
- **2018-04-17 — TEPL Resolution Plan…**: Thriveni Earthmovers Private Limited (TEPL)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(13) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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