# In the matter of Tantia Constructions Limited CA(IB)No.1819-KB-19 alongwith CP (IB) No. 148-KB-2018

> NCLT judgment dated 2020-02-24. Citation: TCN-2020-NCLT-01837. State Bank of India, the Financial Creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 24 Feb 2020
- **Citation:** TCN-2020-NCLT-01837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tantia-constructions-limited-caibno1819-kb-19-alongwith-cp-ib-no-148-kb-2018-7512889c

## Summary

### Background

State Bank of India, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Tantia Constructions Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, due to a default in paying a financial debt of Rs. 213,90,70,549. The Corporate Debtor was admitted into CIRP on 13.03.2019. Mr. Kshitiz Chhawchharia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement of the CIRP and invited claims from creditors. The Committee of Creditors (CoC) was constituted, consisting of 16 financial creditors. The CIRP period was initially 180 days, later extended by 90 days at the request of the RP and CoC. The CoC

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## Facts

State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Tantia Constructions Limited due to a default of Rs. 213,90,70,549. The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor was admitted into CIRP on 13.03.2019. Kshitiz Chhawchharia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement of the CIRP and invited claims from creditors. The Committee of Creditors (CoC) was constituted, consisting of 16 financial creditors. The CIRP period was extended by 90 days. The CoC approved a resolution plan submitted by EDCL Infrastructure Ltd. with 74.34% votes. The resolution plan was then

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by EDCL Infrastructure Ltd. meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complied with the

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**Interpretation:** Section 30(2) sets a threshold for the acceptability of a resolution plan,

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**Application:** The Adjudicating Authority found that the resolution plan made provisions for

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Tantia Constructio…
- **Advocates:** Deep…; Shwetank…; +1 more

## Timeline

- **2019-03-13 — Admission in…**: The Corporate Debtor, M/s. Tantia Constructions Limited, was admitted into Corporate…
- **2019-03-18 — Public Announcement of…**: The Interim Resolution Professional (IRP)…

## 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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