# In the matter of Pawan Impex Private Limited I.A. 5264-2020 In Company Petition No. (IB)-1396 (PB)-2019

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02060. The application was filed by the Resolution Professional under Section 30(6) of the Insolvency…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pawan-impex-private-limited-ia-5264-2020-in-company-petition-no-ib-1396-pb-2019-ff85af85

## Summary

### Background

The application was filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan under Section 31 of the Code read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in respect of the corporate debtor M/s. Pawan Impex Private Limited. Axis Bank Ltd., a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Pawan Impex Private Limited. The Company Petition (IB)-1396 (PB) / 2019 was admitted on 25.07.2019, imposing a moratorium under Section 14 of the Code and initiating CIRP against the Corporate Debtor. Mr. Mahender Kumar Khandelwal was appointed as the Interim Resolution

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## Facts

M/s. Pawan Impex Private Limited, the Corporate Debtor, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Axis Bank Ltd., a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Company Petition (IB)-1396 (PB) / 2019 was admitted on 25.07.2019, imposing a moratorium under Section 14. Mr. Mahender Kumar Khandelwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution process, including setting eligibility criteria for resolution applicants. The last date for submission of expressions of interest (Eol) and resolution plans was extended multiple times. Three resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium of DMI Alternative Investment Fund, Fact …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met all the

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**Interpretation:** Section 30(2) is interpreted as a mandatory checklist to ensure fairness and

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**Application:** The Resolution Professional certified that the Resolution Plan complied with

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Mahender Kumar…
- **Respondents:** M/s. PAWAN IMPEX…
- **Advocates:** Krishnendu…; Kinshuk Cha…; +1 more

## Timeline

- **2019-07-25 — Admission of Company…**: Company Petition (IB)-1396 (PB) / 2019 was admitted, imposing a moratorium under Section…
- **2019-08-30 — First CoC M…**: The IRP convened the first meeting of the CoC, wherein the CoC resolved to appoint the…

## 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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