# In the matter of Puma Realtors Pvt. Ltd. CA-2083(PB)-2019 in (IB)-934(PB)-2019

> NCLT judgment dated 1 Jun 2021. Citation: TCN-2021-NCLT-02055. The case involves an application filed by Mr. Pawan Kumar Garg, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 1 Jun 2021
- **Citation:** TCN-2021-NCLT-02055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/puma-realtors-pvt-ltd-ca-2083pb-2019-in-ib-934pb-2019-74d2c59a

## Summary

### Background

The case involves an application filed by Mr. Pawan Kumar Garg, the Resolution Professional (RP) for Puma Realtors Pvt. Ltd., seeking approval of a resolution plan under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application also sought a declaration that the approved plan would be binding on all stakeholders and that the moratorium would cease to have effect. The Corporate Insolvency Resolution Process (CIRP) for Puma Realtors Pvt. Ltd. was initiated by an order dated October 17, 2018, following a petition filed by financial creditors, Mr. Paramjit Singh Saini and another, under Section 7 of the IBC. Mr. Pawan Kumar Garg was

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## Facts

The application, CA No. 2083(PB)/2019, was filed by Mr. Pawan Kumar Garg, the Resolution Professional (RP) for Puma Realtors Pvt. Ltd., seeking approval of a resolution plan. The application was filed under Sections 30 & 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The primary objective was to get the resolution plan approved, declare it binding on all stakeholders, and cease the moratorium.

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the provisions of…

**Ratio:** A Resolution Plan, to be approved by the Adjudicating Authority, must comply with the…

**Reasoning:** The Adjudicating Authority (AA) examined the Resolution Plan against the requirements of…

**Interpretation:** The court interpreted **Sections 30 and 31** of the IBC as setting out the…

**Application:** In this case, the Resolution Professional certified compliance with the Code…

## Parties

- **Judges:** Rajeswara Rao…; HEMANT KUMAR…
- **Advocates:** For the Resolution…; Akanksha Va…; +10 more

## Timeline

- **October 17, 2018 — CIRP Init…**: The Adjudicating Authority admitted CP (IB)-934(PB)/2018, initiating CIRP against Puma…
- **June 6, 2018 — Moratorium…**: Moratorium imposed in terms of an order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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