# In the matter of Tecpro Systems Limited C.A. 503 (PB) -2019 in Company Petition No. (IB)-197(PB)-2017

> NCLT judgment dated 2019-05-15. Citation: TCN-2019-NCLT-03297. The case involves an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 15 May 2019
- **Citation:** TCN-2019-NCLT-03297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tecpro-systems-limited-ca-503-pb-2019-in-company-petition-no-ib-197pb-2017-046b6873

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Tecpro Systems Limited, the Corporate Debtor. Edelweiss Asset Reconstruction Company Limited initiated the corporate resolution process under Section 7 of the Code, which was admitted on August 7, 2017, imposing a moratorium under Section 14. Mr. Venkatesan Sankaranarayanan was appointed as the Interim Resolution Professional. Public announcements were made, and the first meeting of the Committee of Creditors (CoC) was held on September 13, 2017. The Resolution Professional engaged two registered valuers to determine the fair value and liquidation value of the corporate debtor. Several

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## Facts

Edelweiss Asset Reconstruction Company Limited initiated corporate resolution process against Tecpro Systems Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code'). The application was admitted on August 7, 2017, imposing a moratorium under Section 14 of the Code. Mr. Venkatesan Sankaranarayanan was appointed as the Interim Resolution Professional. Public announcements were made in English and vernacular newspapers on August 12 and 13, 2017, respectively, intimating the commencement of the Corporate Insolvency Resolution Process (CIRP). The first meeting of the Committee of Creditors (CoC) was held on September 13, 2017. The Resolution Professional engaged two registered valuers to determine the fair value and liquidation

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by KIPL complies with the provisions of the Insolvency and …

**Ratio:** The judicial scrutiny of the approved resolution plan can only be done under the

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**Reasoning:** The Adjudicating Authority is satisfied that the resolution plan meets the requirements

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**Interpretation:** Section 30(2) of the Code specifies the requirements that a resolution plan

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**Application:** The Adjudicating Authority found that the resolution plan submitted by KIPL

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Venkatesan…
- **Respondents:** Tecpro Systems…; Akshay…
- **Advocates:** Abhinav V…; Shantanu Chaturved…; +10 more

## Timeline

- **2017-08-07 — Admission of Ap…**: Application under Section 7 of the Code was admitted, imposing moratorium under Section…
- **2017-08-12 — Public Annou…**: Public announcement made in…

## 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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