# In the matter of Trans-Fab Power India Private Limited IA No. 126 of 2021 in CP (IB) No. 3641-MB-2018

> NCLT judgment dated 2021-03-25. Citation: TCN-2021-NCLT-02570. The Corporate Insolvency Resolution Process (CIRP) was initiated against Trans-Fab Power India…

- **Court:** NCLT
- **Order date:** 25 Mar 2021
- **Citation:** TCN-2021-NCLT-02570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trans-fab-power-india-private-limited-ia-no-126-of-2021-in-cp-ib-no-3641-mb-2018-b5eec79f

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Trans-Fab Power India Private Limited following the admission of a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) by the NCLT Mumbai Bench. Mr. Laxman Digambar Pawar was initially appointed as the Interim Resolution Professional (IRP), later replaced by the Applicant, Deepak M. Panpaliya, as the Resolution Professional (RP). The RP sought an extension of the CIRP period, which was granted. The RP then invited expressions of interest (EOIs) from prospective resolution applicants (PRAs), leading to the submission of a resolution plan by Mr. Rajabhau B. Shinde and Mrs. Prathiba R. Shinde. The Committee of Creditors (CoC) negotiated the terms of the plan, and it was eventually

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Trans-Fab Power India Private Limited after a Section 9 petition was admitted on 2019-08-30. Laxman Digambar Pawar was appointed as Interim Resolution Professional (IRP) but was later replaced by Deepak M. Panpaliya. An extension of the CIRP period was granted on 2020-02-26. The RP invited EOIs, and Rajabhau B. Shinde and Prathiba R. Shinde submitted a resolution plan on 2020-07-11. The CoC negotiated the plan, increasing the payout to secured creditors from Rs. 10 Crore to Rs. 10.5 Crore. The CoC approved the plan on 2020-11-27 with 100% voting share. The resolution plan proposed a total payment of Rs. 1500 Lakhs to creditors, including CIRP costs. Rajabhau B. Shinde, the erstwhile director cum

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

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**Reasoning:** The NCLT examined the Resolution Plan and found that it provided for the priority payment

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The NCLT applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Deepak M.…
- **Respondents:** Trans-Fab Power…; Amod Stampings…

## Timeline

- **2019-08-30 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated upon…
- **2019-10-31 — First meeting…**: In the first meeting of the Committee of Creditors (CoC) held, the IRP was replaced with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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