# 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-01000. 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-01000
- **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-c94259e2

## 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, 2016. CA(IB) No. 671/KB/2018 was filed by the Resolution Professional (RP) for approval of the 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 acceptance of her claim. CA(IB) No. 629/KB/2018 was filed by a buyer seeking execution of a sale deed for a property purchased from the Corporate Debtor.

## Facts

Greenply Industries Ltd. initiated CIRP against Southern Cooling Tower Pvt. Ltd. under Section 9 of the IBC. Mr. Prabhjit Singh Soni was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The RP received five claims, including one from Bank of Baroda. The Committee of Creditors (CoC) was formed, and meetings were held regularly. The RP prepared an Information Memorandum and invited Expression of Interest (Eol). The last date for inviting the Resolution Plan was 15-06-2018. The Resolution Plan submitted by Mr. S.K. Mitra was considered by the CoC and the RP. Smt. Ranita Mitra, the widow of a Director of the Corporate Debtor, filed CA(IB) No. 273/KB/2018 claiming Rs. 2,47,27,460/- due from the Corporate Debtor.

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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 of the …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 provides for the approval of a

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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 CoC

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## Parties

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

## Timeline

- **2017-01-01 — Initiation…**: Greenply Industries Ltd. initiated CIRP against Southern Cooling Tower Pvt. Ltd. under…
- **2018-02-07 — Admission of Ap…**: The application filed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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