# In the matter of Neueon Towers Limited I.A. No. 1114 of 2020 in CP (IB) No. 679-7-HDB-2018

> NCLT judgment dated 2021-10-14. Citation: TCN-2021-NCLT-00736. The case pertains to an application filed by the Resolution Professional under Section 31(1) of…

- **Court:** NCLT
- **Order date:** 14 Oct 2021
- **Citation:** TCN-2021-NCLT-00736
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neueon-towers-limited-ia-no-1114-of-2020-in-cp-ib-no-679-7-hdb-2018-def2664e

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 31(1) of the IB Code, 2016, seeking approval of a resolution plan submitted jointly by M/s Longview Resources (HK) Limited and M/s Invent Assets Securitisation & Reconstruction Private Limited, which was approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT bench on 03.06.2019, and an Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional. The CoC comprised several financial creditors, including IDBI Bank Limited, Central Bank of India, and Punjab National Bank. The CIRP term ended on 06.09.2020 after extensions. Two Expression of Interests were received

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## Facts

The Resolution Professional filed an application seeking approval of a resolution plan jointly submitted by M/s Longview Resources (HK) Limited and M/s Invent Assets Securitisation & Reconstruction Private Limited. The CIRP was initiated on 03.06.2019, and Dr. Madurai Sundaram Sankar was appointed as the Resolution Professional. The CoC comprised financial creditors, including IDBI Bank Limited, Central Bank of India, and Punjab National Bank. The CIRP term ended on 06.09.2020. Two Expression of Interests were received. The resolution plan was put for e-voting and approved by the CoC with 98.70% voting in favor. The Applicant received a deposit amount of Rs. 5,40,93,314/- in lieu of a performance bank guarantee. The Adjudicating Authority observed that Invent

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the CoC before the Adjudicating Authority has become a …

**Ratio:** A resolution plan that is conditional upon regulatory approval is not considered a viable

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**Reasoning:** The Adjudicating Authority was not inclined to consider a conditional resolution plan for

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**Interpretation:** The resolution plan must be complete and unconditional to be considered for

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**Application:** The resolution plan submitted by the CoC was deemed conditional because it

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** IDBI Bank…
- **Respondents:** Neueon Towe…

## Timeline

- **2019-06-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-07-01 — RP Confir…**: Dr Madurai Sundaram Sankar was confirmed as Resolution Professional in the 1st CoC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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