# In the matter of Poggenamp Nagarsheth Powertronics Pvt. Ltd. IA 58 & 145 of 2021 in CP (IB) No. 268--7NCLT-AHM-2018

> NCLT judgment dated 2021-10-05. Citation: TCN-2021-NCLT-00854. The case involves two applications, IA 145 of 2021 and IA 58 of 2021, pertaining to the same…

- **Court:** NCLT
- **Order date:** 5 Oct 2021
- **Citation:** TCN-2021-NCLT-00854
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/poggenamp-nagarsheth-powertronics-pvt-ltd-ia-58-145-of-2021-in-cp-ib-no-268-7ncl-17080278

## Summary

### Background

The case involves two applications, IA 145 of 2021 and IA 58 of 2021, pertaining to the same Corporate Debtor. IA 145 was filed by an applicant seeking priority consideration of their application before the approval of a resolution plan and requesting rejection of the Resolution Professional's plan. The applicant claimed the Resolution Professional failed to assess the applicability of Section 29A of the IBC. The Corporate Debtor was admitted into CIRP on 22.01.2020. The applicant alleged that the erstwhile promoters/Suspended Management were ineligible under Section 29A of IBC, 2016. The Resolution Professional stated that Form-G was published, and a provisional list of applicants was prepared, reflecting the Suspended Management. IA 58 of 2021 was filed for approval

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## Facts

The Corporate Debtor was admitted into CIRP on 22.01.2020. An application (IA 145/2021) was filed seeking priority consideration and rejection of the resolution plan, alleging ineligibility of promoters under Section 29A of IBC. The Resolution Professional stated Form-G was published, and a list of applicants was prepared. Another application (IA 58/2021) was filed for approval of the resolution plan. The CoC approved a modified resolution plan by Gautam Nagarsheth and Gaurang Nagarsheth. The resolution plan proposed an infusion of Rs. 15 crores as working capital. The fair value and liquidation value of the Corporate Debtor were Rs. 6,643.26 lakhs and Rs. 4,561.66 lakhs, respectively. Secured Financial Creditors, Unsecured Financial Creditors, and employees were to

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## Issues and analysis

### Issue 1: Whether the applicant's application (IA 145 of 2021) should be considered on priority before …

**Ratio:** The issue has been settled by

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**Reasoning:** The court stated that the issue of priority consideration was already settled by a

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**Interpretation:** The NCLAT's decision on a similar matter sets a precedent that the Adjudicating

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**Application:** Since the NCLAT had already ruled on the matter, the court applied the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** POSCO-India Pune…
- **Respondents:** Poggenamp…; Dhaval Jitendrakum…

## Timeline

- **2020-01-22 — Admission in…**: The Corporate Debtor was admitted into CIRP…
- **2020-06-01 — Notificatio…**: Notification dated…

## 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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