# In the matter of Solven Power Systems Pvt. Ltd. IA No. 5334 of 2020 & IA No. 641 & 970 of 2021 in Company Petition (IB)No. 2413 of 2019

> NCLT judgment dated 8 Apr 2021. Citation: TCN-2021-NCLT-02432. This case involves three Interlocutory Applications (IAs) filed before the National Company Law…

- **Court:** NCLT
- **Order date:** 8 Apr 2021
- **Citation:** TCN-2021-NCLT-02432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solven-power-systems-pvt-ltd-ia-no-5334-of-2020-ia-no-641-970-of-2021-in-company-a5f15049

## Summary

### Background

This case involves three Interlocutory Applications (IAs) filed before the National Company Law Tribunal (NCLT), New Delhi Bench-V, concerning the Corporate Insolvency Resolution Process (CIRP) of M/s Solven Power Systems Pvt. Ltd. The primary application, IA No. 5334 of 2020, was filed by the Resolution Professional (RP) seeking approval of the Resolution Plan for the Corporate Debtor under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC). Concurrently, IA No. 641 of 2021 was filed by certain Operational Creditors (M/s Imperial Fastners Private Limited, Rahul Khilnani, and H&R Enterprises) raising objections to the Resolution Plan, alleging discrimination and procedural irregularities, including non-receipt of notice for Committee of Creditors (CoC)

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## Facts

The Adjudicating Authority, vide its order dated February 18, 2020, admitted the application filed by M/s Imperial Fastners Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Solven Power Systems Private Limited. Mr. Neeraj Parmar was appointed as the Interim Resolution Professional (IRP) with registration No. IBBI/IPA-002/IP-N00485/2017-2018/11447.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted for approval complies with the provisions of the Insolvency…

**Ratio:** A Resolution Plan must comply with all the provisions of the IBC, 2016, and the IBBI…

**Reasoning:** The court reasoned that the Resolution Plan must adhere to Section 30(2) of the IBC,…

**Interpretation:** The court interpreted Section 30(2) and Regulation 38 as setting forth the…

**Application:** The court found that the Resolution Professional had submitted Form H, a…

## Parties

- **Judges:** Sh. Abni Ranjan…; Sh. Kapal Kumar…
- **Advocates:** Jitender Ch…; Anurag…; +3 more

## Timeline

- **February 18, 2020 — CIRP Init…**: Application filed by M/s Imperial Fastners Private Limited under Section 9 of IBC against…
- **February 21, 2020 — Public Annou…**: IRP made a Public Announcement in Form-A, declaring March 3, 2020, as the last date for…

## 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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