# In the matter of NTL Electronics India Limited IA 4588-ND-2020 in (IB) 814(ND)-2019

> NCLT judgment dated 2021-01-28. Citation: TCN-2021-NCLT-03203. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against NTL…

- **Court:** NCLT
- **Order date:** 28 Jan 2021
- **Citation:** TCN-2021-NCLT-03203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ntl-electronics-india-limited-ia-4588-nd-2020-in-ib-814nd-2019-0c68c204

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against NTL Electronics India Limited. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) filed by an Operational Creditor, leading to the appointment of Ms. Preeti Jaiswal as the Interim Resolution Professional. Subsequently, a Committee of Creditors (CoC) was formed, and the Applicant was appointed as the Resolution Professional (RP) for the Corporate Debtor (CD). The RP carried out a public announcement and invited Expression of Interest (EOI), receiving six EOIs. The CIRP period was extended due to the Covid-19 pandemic, and eventually, a resolution plan submitted by Mr. Onkar Nath Agarwal and Mrs. Saroj Agarwal was approved by

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## Facts

Om Logistics Limited initiated Corporate Insolvency Resolution Process (CIRP) against NTL Electronics India Limited. The CIRP was initiated based on Section 9 of the IBC. Ms. Preeti Jaiswal was initially appointed as Interim Resolution Professional. The Applicant was later appointed as Resolution Professional (RP). A Committee of Creditors (CoC) was formed. The RP invited Expression of Interest (EOI) and received six EOIs. The CIRP period was extended due to the Covid-19 pandemic. The last date for submission of the Resolution Plan was fixed as 05.04.2020. The CoC approved the Resolution Plan submitted by Mr. Onkar Nath Agarwal and Mrs. Saroj Agarwal with 100% voting. The Resolution Plan proposed Rs 1.90 crores for CIRP cost. The Resolution Plan proposed Rs 0.15 crores

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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 outlines the mandatory requirements for a Resolution Plan,

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**Reasoning:** The Adjudicating Authority (AA) is required to examine the Resolution Plan to ensure it

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the contents of

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**Application:** The AA reviews the Resolution Plan to confirm that it includes provisions for

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Respondents:** NTL Electronics…; OM LOGISTICS…

## Timeline

- **2019-08-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against NTL Electronics…
- **2019-09-16 — Public Annou…**: The Applicant carried out a public…

## 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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