# 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-01839. State Bank of India, the Financial Creditor, initiated Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 24 Feb 2020
- **Citation:** TCN-2020-NCLT-01839
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tantia-constructions-limited-caibno1819-kb-19-alongwith-cp-ib-no-148-kb-2018-a35fd920

## 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 and 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, and Mr. Kshitiz Chhawchharia was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement of CIRP and called upon creditors to submit their claims. Claims were received from 16 financial creditors and some operational creditors. A Committee of Creditors (CoC) was constituted, consisting of all 16 financial creditors. The CIRP period was initially 180 days, which was later extended by 90

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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. Mr. Kshitiz Chhawchharia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement of the CIRP, inviting claims from creditors. Sixteen financial creditors and some operational creditors submitted their claims. A Committee of Creditors (CoC) was formed, consisting of all 16 financial creditors. The CIRP period was extended by 90 days. The CoC held 11 meetings and

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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 I&B Code specifies the requirements that a resolution plan must

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**Reasoning:** The authority examined the resolution plan and found that it made provisions for payment

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**Interpretation:** Section 30(2) is interpreted to ensure that resolution plans adequately address

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**Application:** The resolution plan was found to be in compliance with Section 30(2) as it

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Tantia Constructio…

## Timeline

- **2019-03-13 — Admission in…**: The Corporate Debtor, 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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