# In the matter of Southern Cooling Tower Private Ltd. C.A. (IB) Nos. 273, 629 & 671-KB-2018 In C.P. (IB) No. 699-KB-2017

> NCLT judgment dated 2018-08-06. Citation: TCN-2018-NCLT-00998. The case involves multiple applications (CA(IB) Nos. 273, 629, and 671/KB/2018) filed in…

- **Court:** NCLT
- **Order date:** 6 Aug 2018
- **Citation:** TCN-2018-NCLT-00998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/southern-cooling-tower-private-ltd-ca-ib-nos-273-629-671-kb-2018-in-cp-ib-no-699-66b8de03

## Summary

### Background

The case involves multiple applications (CA(IB) Nos. 273, 629, and 671/KB/2018) filed in relation to the Corporate Insolvency Resolution Process (CIRP) of Southern Cooling Tower Pvt. Ltd. initiated by Greenply Industries Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. CA(IB) No. 671/KB/2018 was filed by the Resolution Professional (RP) for approval of a resolution plan under Sections 30(6) and 31 of the IBC. CA(IB) No. 273/KB/2018 was filed by Smt. Ranita Mitra, a creditor, seeking admission of her claim. CA(IB) No. 629/KB/2018 was filed by a buyer who had paid part consideration for a property purchased from the Corporate Debtor, seeking execution of the sale deed.

## Facts

Greenply Industries Ltd. initiated CIRP against Southern Cooling Tower Pvt. Ltd. CA(IB) No. 671/KB/2018 was filed by the RP for approval of the resolution plan. Smt. Ranita Mitra (CA(IB) No. 273/KB/2018) claimed to have lent money to the Corporate Debtor but her claim was not considered by the RP due to delays and lack of substantiation. A property buyer (CA(IB) No. 629/KB/2018) sought execution of a sale deed for a property for which part consideration was paid. The RP had given public announcements for claims. The CoC approved the resolution plan with a 100% vote share. The resolution plan was submitted by Mr. S.K. Mitra, a promoter of Southern Cooling Towers Pvt. Ltd. The RP verified claims and presented them to the CoC. The CoC rejected Smt. Ranita Mitra's claim.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. S.K. Mitra should be approved under Section 31(1) of …

**Ratio:** Section 31(1) of the IBC provides for the approval of a resolution plan by the

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**Reasoning:** The court found that the resolution plan submitted by Mr. S.K. Mitra was approved by the

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** The court applied Section 31(1) to the facts of the case, noting that the

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## Parties

- **Judges:** Jinan…
- **Appellants:** Greenply Industrie…
- **Respondents:** Southern Cooling…

## Timeline

- **2017-01-01 — Insolvency and…**: Reference to the Insolvency…
- **2017-01-01 — CP(IB) No. 699…**: CP(IB) No. 699/KB/2017 was filed by Sreeply Industries Limited, the Operational Creditor…

## 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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