# In the matter of Print House (India) Private Limited MA No.3137-2019 in MA No.2972-2019 in CP (IB) No.82-MB.II-2018

> NCLT judgment dated 2020-06-23. Citation: TCN-2020-NCLT-01135. The case involves an application for the approval of a resolution plan for Print House (India)…

- **Court:** NCLT
- **Order date:** 23 Jun 2020
- **Citation:** TCN-2020-NCLT-01135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/print-house-india-private-limited-ma-no3137-2019-in-ma-no2972-2019-in-cp-ib-no82-e8acb2f1

## Summary

### Background

The case involves an application for the approval of a resolution plan for Print House (India) Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Proceedings (CIRP). The CIRP was initiated following an order dated 9th October 2018. The resolution plan was submitted by Sify Technologies Limited. The applicant, Manish Baldeva, is the Resolution Professional. The CIRP was initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Print House (India) Private Limited, the Corporate Debtor, faced financial difficulties leading to the initiation of Corporate Insolvency Resolution Proceedings (CIRP) on 9th October 2018. Manish Baldeva was appointed as the Resolution Professional (RP). The RP invited Expressions of Interest (EoI) from potential resolution applicants, and after multiple rounds, Sify Technologies Limited submitted a resolution plan. The Committee of Creditors (CoC) approved the resolution plan submitted by Sify Technologies Limited with the requisite majority. The resolution plan involves a financial proposal, payment schedules, management implementation, and reliefs sought by the resolution applicant. The ex-directors/promoters, Pramod Hendre and Nandkumar Hendre, submitted a proposal

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sify Technologies Limited meets the requirements of the …

**Ratio:** The legal principle is that a resolution plan must comply with the provisions of Section

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complied with

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**Interpretation:** The interpretation involves ensuring that the resolution plan adheres to the

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**Application:** In this case, the resolution plan submitted by Sify Technologies Limited was

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## Parties

- **Judges:** Rajasekha…; Chandra Bha…
- **Appellants:** Manish Ba…
- **Respondents:** Print House…

## Timeline

- **2018-10-09 — CIRP Init…**: Corporate Insolvency Resolution Proceedings (CIRP) initiated against Print House (India)…
- **2018-10-12 — IRP Repla…**: Vinit Gangwal replaced Venkata Suryanarayanarao Nagulpati Rao as Interim Resolution…

## 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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