# In the matter of Logic Eastern (India) Pvt. Ltd. CA-715(PB)-2019 C.P. No. IB-623(PB)-2017

> NCLT judgment dated 2019-12-02. Citation: TCN-2019-NCLT-00376. The case involves an application filed by the Resolution Professional (RP) under Section 30(6)…

- **Court:** NCLT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLT-00376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/logic-eastern-india-pvt-ltd-ca-715pb-2019-cp-no-ib-623pb-2017-6589628f

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan proposed by the Committee of Creditors (CoC) for the Corporate Debtor, M/s. Logic Eastern (India) Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated after Technology Development Board filed C.P. No. IB – 623PB)/2017 against M/s. Logic Eastern (India) Pvt. Ltd. under Section – 7 of the Code. The petition was admitted on 18.07.2018, leading to the commencement of CIRP and imposition of a moratorium. The IRP made a public announcement inviting claims on 23.07.2018. The IRP was replaced by Mr. Rajan Das Gupta as the RP. The RP issued an advertisement inviting prospective

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## Facts

Technology Development Board, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Logic Eastern (India) Pvt. Ltd., the corporate debtor, by filing C.P. No. IB – 623PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 18.07.2018, leading to the commencement of CIRP and imposition of a moratorium under Section 14. An Interim Resolution Professional (IRP) was appointed, who was later replaced by Mr. Rajan Das Gupta as the Resolution Professional (RP). The RP made a public announcement on 23.07.2018 inviting claims from creditors. The RP issued an advertisement in Form G inviting prospective resolution applicants, but no expression of interest was received. The Committee of Creditors

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the mandatory requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The court examines the resolution plan to determine if it adheres to each of the

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** The court applies the requirements of Section 30(2) to the specific facts of

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## Parties

- **Judges:** M. M. K…; SH. S. K.…
- **Appellants:** TECHNOLOGY…
- **Respondents:** M/s. Logic…

## Timeline

- **2017-01-01 — Filing of C.P. No. IB –…**: Technology Development Board filed C.P. No. IB – 623PB)/2017 against M/s. Logic Eastern…
- **2018-07-18 — Admission of Petition…**: The petition was admitted, leading to the commencement of CIRP and imposition of a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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