# In the matter of Manor Floatech Ltd. CP (IB) No. 592-KB-2017

> NCLT judgment dated 2018-10-30. Citation: TCN-2018-NCLT-00436. IDBI Bank Limited, as the Financial Creditor, initiated a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 30 Oct 2018
- **Citation:** TCN-2018-NCLT-00436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/manor-floatech-ltd-cp-ib-no-592-kb-2017-a7579f3c

## Summary

### Background

IDBI Bank Limited, as the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Manor Floatel Limited, the Corporate Debtor, due to a default in paying a debt of Rs. 32,22,46,710. The Adjudicating Authority admitted the petition on 2018-01-10, commencing the CIRP. An Interim Resolution Professional (IRP), Mr. Sanjay Gupta, was appointed, later replaced by Mr. Anil Agarwal. The IRP made a public announcement of the CIRP and received claims from creditors. The Committee of Creditors (CoC) was formed, and an open bidding process was initiated to find a resolution plan. Several resolution plans were submitted and considered, with M/s Brighter Side Renewable Energy Ventures Pvt.

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## Facts

IDBI Bank Limited initiated CIRP against Manor Floatel Limited due to a default of Rs. 32,22,46,710. The Adjudicating Authority admitted the petition on 2018-01-10. Mr. Sanjay Gupta was appointed as IRP, later replaced by Mr. Anil Agarwal. The IRP made a public announcement and received claims from creditors. The CoC was formed, and an open bidding process was adopted. Mr. Vinay Khosala along with M/s JFC Finance India Limited was declared the highest bidder initially, but the CoC refused to approve their plan. The CIRP period was extended. M/s Brighter Side Renewable Energy Ventures Pvt. Ltd. submitted a resolution plan, which was approved by the CoC with 100% voting share on 2018-10-04. The Resolution Professional submitted this plan to the Adjudicating Authority for

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Brighter Side Renewable Energy Ventures Pvt. Ltd. …

**Ratio:** Section 31 of the Insolvency and Bankruptcy Code requires the Adjudicating Authority to

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complied with the

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**Interpretation:** Section 31 mandates that the Adjudicating Authority must ensure the resolution

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**Application:** The Adjudicating Authority found that the resolution plan submitted by M/s

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## Parties

- **Judges:** Madan B.…
- **Appellants:** IDBI Bank L…
- **Respondents:** MANOR FLOATEL…

## Timeline

- **2018-01-10 — Admission of…**: The Adjudicating Authority admitted the petition to start Corporate Insolvency Resolution…
- **2018-01-16 — Public Announcement of…**: IRP made public announcement of CIRP of the Corporate Debtor by public advertisement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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