# In the matter of Pannalal Cold Storage Private Limited C.P. (IB) NO. 132-KB-2019

> NCLT judgment dated 2020-06-15. Citation: TCN-2020-NCLT-01170. The case pertains to an application filed by the Resolution Professional (RP) for the approval…

- **Court:** NCLT
- **Order date:** 15 Jun 2020
- **Citation:** TCN-2020-NCLT-01170
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pannalal-cold-storage-private-limited-cp-ib-no-132-kb-2019-bcd9c2bf

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) for the approval of the resolution plan of M/s. Pannalal Cold Storage Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor (CD) M/s. Pannalal Cold Storage Private Limited, following the admission of a company petition under an unspecified section by the NCLT Kolkata Bench on 21.10.2019. Mr. Santanu Bhattacharjee was appointed as the Interim Resolution Professional (IRP), and his appointment was later confirmed as the RP on 05.12.2019. The RP filed an application for urgent hearing, citing the nature of the corporate debtor's business (cold storage) and the potential benefits of allowing the Resolution Applicant to start the business to

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## Facts

M/s. Pannalal Cold Storage Private Limited faced Corporate Insolvency Resolution Process (CIRP) following a petition admitted by the NCLT Kolkata Bench on 2019-10-21. Santanu Bhattacharjee was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on 2019-12-05. The RP filed an application for approval of the resolution plan. The Corporate Debtor's business involves cold storage. The Committee of Creditors (CoC) approved the resolution plan submitted by Hamudar Rahaman Sekh & Others in its 6th meeting held on 2020-03-10 with 100% voting share of the financial creditor. The RP contended that the matter required urgent hearing due to the nature of the corporate debtor's business and the potential benefits of

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Pannalal Cold Storage Private Limited should be …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, provides for the approval of a

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**Reasoning:** The court reasoned that the resolution plan was approved by the CoC with 100% voting

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** In this case, the court applied Section 31(1) by considering that the CoC had

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## Parties

- **Judges:** Jinan…
- **Respondents:** M/S PANNALAL COLD…

## Timeline

- **2019-10-21 — CIRP Init…**: Company Petition filed u/s was admitted vide order dated 21.10.2019 of the NCLT Kolkata…
- **2019-12-05 — RP Appoin…**: Mr. Santanu Bhattacharjee was appointed as IRP and the appointment was later confirmed as…

## 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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