# In the matter of Prius Commercial Projects Private Limited I.A. No. 3708-2020 in IB-1404(ND)-2019

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03421. The case pertains to the approval of a resolution plan for 'Prius Commercial Projects Private…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prius-commercial-projects-private-limited-ia-no-3708-2020-in-ib-1404nd-2019-96043dac

## Summary

### Background

The case pertains to the approval of a resolution plan for 'Prius Commercial Projects Private Limited' under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Mahender Kumar Khandelwal was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution process, including inviting expressions of interest from prospective resolution applicants. The RP submitted a resolution plan that was approved by the CoC with a 100% majority.

## Facts

The Resolution Professional (RP), Mr. Mahender Kumar Khandelwal, filed an application seeking approval of a resolution plan for 'Prius Commercial Projects Private Limited'. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the RP was appointed. The Committee of Creditors (CoC) was formed, and meetings were held to discuss the resolution process. The first CoC meeting was held on September 27, 2019, where it was resolved to appoint the Interim Resolution Professional (IRP) as RP of the Corporate Debtor. The time for the CIRP was extended on multiple occasions. The CoC approved the minimum eligibility criteria for inviting expressions of interest from prospective resolution applicants. The applicant identified 13 qualified prospective applicants. The

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Professional meets the requirements of …

**Ratio:** The resolution plan must comply with the mandatory requirements set out in Section 30(2)

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**Reasoning:** The Adjudicating Authority considered the various compliance reports and submissions made

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**Interpretation:** Section 30 and 31 of the IBC lay down the criteria for approval of a resolution

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**Application:** The Adjudicating Authority found that the resolution plan met the requirements

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## Parties

- **Judges:** CH. MOHD SHARIEF…; Narender Kumar…
- **Respondents:** Prius Commercial…

## Timeline

- **2019-08-09 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted…
- **2019-09-27 — First CoC M…**: The first CoC meeting was held, wherein it was resolved to appoint IRP as RP of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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