# In the matter of Nipoon Investments & Finance Company Pvt. Ltd. M.A. No. 2882-2019 in CP No. 3063-I&BP-2018

> NCLT judgment dated 2019-12-05. Citation: TCN-2019-NCLT-00315. The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Dec 2019
- **Citation:** TCN-2019-NCLT-00315
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nipoon-investments-finance-company-pvt-ltd-ma-no-2882-2019-in-cp-no-3063-ibp-201-c01a4904

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, in connection with Corporate Insolvency Resolution Process (CIRP) initiated against Surya Treasure Island Private Limited. The CIRP was initiated based on an order dated 18.02.2018. Ms. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The resolution plan was submitted by a consortium of three entities led by Vyom Tele Infrastructure Private Ltd. The Resolution Professional submitted that the CIRP was conducted in compliance with the Code and relevant regulations. Advertisements were issued inviting claims from creditors, valuers were appointed, and an Information

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Surya Treasure Island Private Limited on 18.02.2018. Ms. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP conducted the CIRP, inviting claims from creditors and appointing valuers. Three Expressions of Interest (EOI) were received from prospective resolution applicants, but initially, none complied with the criteria. A late EOI was considered by the Committee of Creditors (CoC). The RP received a resolution plan that complied with Section 30(2) of the I&B Code. The resolution plan was discussed and voted upon in the CoC meeting dated 12.08.2018, where it was approved by 87.62% of the CoC members. The

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the requirements of Section 30 and 31 of the Insolvency …

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

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**Reasoning:** The court examined the resolution plan to ensure that it complied with the mandatory

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**Interpretation:** Section 30 and 31 of the Code are interpreted to mean that a resolution plan

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**Application:** The court applied the provisions of Section 30 and 31 to the specific facts of

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Jovita Reema…
- **Respondents:** Nippon Investment…; Religare Finvest…
- **Advocates:** Amir Ars…

## Timeline

- **2018-02-18 — Initiation…**: Corporate Insolvency Resolution Process initiated against Surya Treasure Island Private…
- **2019-03-20 — Appointment…**: Ms. Jovita Reema Mathias…

## Legal provisions

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

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