# In the matter of NTL Electronics India Ltd. IA-2392-ND-2020 in IB-814-ND-2019

> NCLT judgment dated 2020-07-15. Citation: TCN-2020-NCLT-01030. M/s Om Logistics Ltd. filed an application under Section 9 of the IBC, 2016 to initiate CIRP…

- **Court:** NCLT
- **Order date:** 15 Jul 2020
- **Citation:** TCN-2020-NCLT-01030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ntl-electronics-india-ltd-ia-2392-nd-2020-in-ib-814-nd-2019-6499804c

## Summary

### Background

M/s Om Logistics Ltd. filed an application under Section 9 of the IBC, 2016 to initiate CIRP against NTL Electronics India Ltd. The petition was admitted on August 27, 2019. Ms. Pooja Bahry was appointed as the Resolution Professional (RP). M/s CMI Limited was declared as a Prospective Resolution Applicant. The applicant, Mr. Amit Jain, sought permission for M/s Orkus Private Limited to submit the resolution plan instead of M/s CMI Limited. The RP rejected this request.

## Facts

M/s Om Logistics Ltd. initiated CIRP against M/s NTL Electronics India Ltd. under Section 9 of IBC, which was admitted on August 27, 2019. Ms. Pooja Bahry was appointed as the Resolution Professional. M/s CMI Limited was declared a Prospective Resolution Applicant. Mr. Amit Jain, Managing Director of CMI Ltd., sought permission for M/s Orkus Private Limited (where he and his spouse hold 100% shareholding) to submit the resolution plan instead of CMI Limited. The RP rejected this request. Orkus Pvt. Ltd. has been getting its products manufactured at the factory of NTL Electronics India Limited/Corporate Debtor at Roorkee on job work basis since December 2019. The commercial value of transactions between Orkus and NTL/Corporate Debtor from Dec-19 to Jun-20 is Rs.

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can be directed to accept the resolution plan submitted by an …

**Ratio:** The legal principle is that only those who have submitted an expression of interest

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**Reasoning:** The court reasoned that the applicant had not submitted an expression of interest and was

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**Interpretation:** This interprets Regulation 36A and 36B of the IBBI (Insolvency Resolution

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**Application:** Since Mr. Amit Jain, through M/s Orkus Private Limited, did not submit an

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s. Om Logistics…
- **Respondents:** NTL Electronics…; M/s. NTL Electroni…

## Timeline

- **2019-08-27 — CIRP Admi…**: Application under Section 9 of IBC filed by M/s Om Logistics Ltd. against NTL Electronics…
- **2020-02-29 — CMI Limited Dec…**: M/s CMI Limited was declared as Prospective Resolution Applicant by the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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