# In the matter of Piyush Shelters India Pvt. Ltd. CA No. 371-2019 in CP No.(IB)322-ALD-2018

> NCLT judgment dated 2021-07-14. Citation: TCN-2021-NCLT-01754. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/S PIYUSH SHELTERS…

- **Court:** NCLT
- **Order date:** 14 Jul 2021
- **Citation:** TCN-2021-NCLT-01754
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/piyush-shelters-india-pvt-ltd-ca-no-371-2019-in-cp-noib322-ald-2018-f8e6031b

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/S PIYUSH SHELTERS INDIA PVT LTD. The CIRP was initiated following the admission of an application filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Swami Deen Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several attempts were made to solicit resolution plans, with the final resolution plan submitted by Mr. Naveen Kumar Gupta as a lead member of a consortium. The resolution plan was examined by the RP and approved by the Committee of Creditors (CoC) with 80.16% voting share, later revised to 100%.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S PIYUSH SHELTERS INDIA PVT LTD following an application under Section 7 of the IBC. Mr. Swami Deen Gupta was appointed as the IRP and later confirmed as RP. Several attempts to solicit resolution plans were made, with the final plan submitted by Mr. Naveen Kumar Gupta as a lead member of a consortium. The CoC approved the resolution plan with 80.16% of the voting share, which was later revised to 100%. The resolution plan involves a total amount of Rs. 12.38 crores, to be implemented within 24 months. The plan includes provisions for payment to various creditors, including secured financial creditors like HDB Financial Services Limited and Mahindra & Mahindra Finance, as well as operational

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Naveen Kumar Gupta meets the requirements of the …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the CIRP Regulations specify the mandatory

…

**Reasoning:** The Resolution Professional examined the Resolution Plan and certified that it complies

…

**Interpretation:** The Resolution Plan must adhere to the mandatory requirements outlined in

…

**Application:** The Adjudicating Authority relied on the RP's certification and the CoC's

…

## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** ANITA N…
- **Respondents:** M/S PIYUSH…

## Timeline

- **2018-12-04 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) of the corporate debtor was initiated…
- **2019-08-21 — 7th CoC M…**: 7th CoC meeting held where the Resolution Plan was negotiated with the Committee of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/piyush-shelters-india-pvt-ltd-ca-no-371-2019-in-cp-noib322-ald-2018-f8e6031b