# In the matter of Tirupati Infra Projects Pvt. Ltd. CA-275(PB)-2018 in C.P. No. IB-104(PB)-2017

> NCLT judgment dated 2020-01-04. Citation: TCN-2020-NCLT-02526. The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s. Tirupati…

- **Court:** NCLT
- **Order date:** 4 Jan 2020
- **Citation:** TCN-2020-NCLT-02526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tirupati-infra-projects-pvt-ltd-ca-275pb-2018-in-cp-no-ib-104pb-2017-b5211bcf

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s. Tirupati Infraprojects Pvt. Ltd. initiated by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 03.07.2017, leading to the commencement of CIRP and imposition of a moratorium. The Resolution Professional (RP) invited claims from creditors and convened multiple meetings of the Committee of Creditors (CoC). Several expressions of interest were floated to find a suitable resolution applicant.

## Facts

Bank of India initiated CIRP against M/s. Tirupati Infraprojects Pvt. Ltd. by filing C.P. No. IB-104(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 03.07.2017, leading to the commencement of CIRP and imposition of a moratorium. The IRP made a public announcement on 05.07.2017 inviting claims. The RP convened 14 meetings of the CoC up to 26.03.2018. The first expression of interest was floated on 11.09.2017, and subsequent expressions of interest were floated on 22.12.2017 and 17.02.2018. The RP prepared the Information Memorandum of the Corporate Debtor. The RP received expression of interest from 5 prospective resolution plan applicants. The resolution plan of G.P. Global Energy Pvt. Ltd. was considered the most

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by G.P. Global Energy Pvt. Ltd. meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it provided for

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**Interpretation:** Section 30(2) sets out the minimum standards that a resolution plan must meet

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**Application:** The Adjudicating Authority found that the resolution plan submitted by G.P.

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Bank of…
- **Respondents:** Tirupati Infraproj…; Aaditya Vijay…

## Timeline

- **2017-03-07 — Filing of C.P. No.…**: Bank of India filed C.P. No. IB-104(PB)/2017 against M/s. Tirupati Infraprojects Pvt.…
- **2017-07-03 — Admission of Petition…**: The petition was admitted, leading to the commencement of CIRP and imposition of a…

## 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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