# In the matter of Pellet Energy Systems Private Limited C.A. 2435 (PB)-2019 in Company Petition No. (IB)-76 (PB)-2018

> NCLT judgment dated 2020-08-27. Citation: TCN-2020-NCLT-00767. The case pertains to the submission of a Resolution Plan under Section 30(6) for approval under…

- **Court:** NCLT
- **Order date:** 27 Aug 2020
- **Citation:** TCN-2020-NCLT-00767
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pellet-energy-systems-private-limited-ca-2435-pb-2019-in-company-petition-no-ib-b36fd932

## Summary

### Background

The case pertains to the submission of a Resolution Plan under Section 30(6) for approval under Section 31 of the Insolvency and Bankruptcy Code, 2016, regarding the corporate debtor M/s. Pellet Energy Systems Private Limited. The initiation of the Corporate Insolvency Resolution Process (CIRP) was triggered by an application filed by one of the financial creditors, M/s. Oriental Bank of Commerce, under Section 7 of the Code. The Company Petition (IB) 76 (PB)/2018 was admitted on 20.07.2018, leading to the imposition of a moratorium under Section 14 of the Code. Ms. Reshma Mittal was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. Oriental Bank of Commerce, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Pellet Energy Systems Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Company Petition (IB) 76 (PB)/2018 was admitted on 20.07.2018, and a moratorium was imposed under Section 14 of the Code. Ms. Reshma Mittal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement calling for claims from creditors and constituted the Committee of Creditors (CoC). The CoC resolved to continue the IRP as Resolution Professional (RP). The RP invited Prospective Resolution Applicants, and two participants, M/s. Abellon Clean Energy Limited and Patanjali Ayurveda Limited,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Abellon Clean Energy Limited with Mr. Bharat Sharma …

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

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**Reasoning:** The bench noted that the Resolution Professional had confirmed compliance with Section

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**Interpretation:** Section 31 mandates that the Adjudicating Authority must be satisfied that the

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**Application:** In this case, the bench found that the Resolution Plan submitted by M/s.

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Respondents:** M/s. PELLET…; Anupam…

## Timeline

- **2018-07-20 — Admission of Company…**: Company Petition (IB) 76 (PB)/2018 was admitted, imposing moratorium under Section 14 of…
- **2018-07-01 — Appointment of Interim…**: Ms. Reshma Mittal was appointed as 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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