# In the matter of NIIL Infrastructure Private Limited C.A. 889 (PB)-2019 & I.A. 5129-2020 in Company Petition No. (IB) 560(PB)-2017

> NCLT judgment dated 2020-11-04. Citation: TCN-2020-NCLT-00297. The case involves an application filed by the Resolution Professional seeking approval of a…

- **Court:** NCLT
- **Order date:** 4 Nov 2020
- **Citation:** TCN-2020-NCLT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/niil-infrastructure-private-limited-ca-889-pb-2019-ia-5129-2020-in-company-petit-98512eab

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking approval of a Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Section 31 of the Code and Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations. Alchemist Assets Reconstruction Private Limited, a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against NIIL Infrastructure Private Limited ('Corporate Debtor') under Section 7 of the Code. The Company Petition (IB) 560 (PB)/2017 was admitted on 28.03.2018, imposing a moratorium under Section 14 of the Code.

## Facts

Alchemist Assets Reconstruction Private Limited initiated CIRP against NIIL Infrastructure Private Limited under Section 7 of the IBC. The petition was admitted on 2018-03-28, imposing a moratorium. The Resolution Professional published invitations for expression of interest, and two parties expressed interest: SSG Infratech Private Limited and a consortium of Mr. Rakesh Kumar Verma, Mr. Shilendra Khirwar, and N-Homes Private Limited. SSG Infratech later withdrew. The consortium submitted a resolution plan, which was approved by the CoC with 77.04% vote share. Before approval, Mr. Rakesh Kumar Verma expired, and his legal heir, Mr. Rishabh Varma, joined the consortium. The Applicant issued a Letter of Intent, and the Resolution Applicant submitted unconditional

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complies with

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**Interpretation:** Section 30(2) is interpreted to mandate that a resolution plan must address the

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**Application:** The court applied the requirements of Section 30(2) to the specific details of

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Respondents:** NIIL Infrastructur…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition No.…
- **2018-03-28 — Petition Ad…**: Company Petition (IB) 560 (PB)/2017 was admitted, imposing a moratorium under Section 14…

## 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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