# In the matter of Unnati Fortune Hotmart Private Limited I.A. 4681-2020 in Company Petition No. (IB)-449 (PB)-2018

> NCLT judgment dated 2021-05-20. Citation: TCN-2021-NCLT-02108. The case pertains to the insolvency resolution of M/s. Unnati Fortune Hotmart Private Limited.…

- **Court:** NCLT
- **Order date:** 20 May 2021
- **Citation:** TCN-2021-NCLT-02108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unnati-fortune-hotmart-private-limited-ia-4681-2020-in-company-petition-no-ib-44-534f4f08

## Summary

### Background

The case pertains to the insolvency resolution of M/s. Unnati Fortune Hotmart Private Limited. An application was filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan under Section 31. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Nupur Finvest Pvt. Ltd., a financial creditor, under Section 7 of the Code. The Company Petition (IB)-449 (PB) / 2018 was admitted on 09.07.2019, imposing a moratorium under Section 14. Mr. Shaikh Nafis Anjum was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and

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## Facts

M/s. Nupur Finvest Pvt. Ltd., a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Unnati Fortune Hotmart Private Limited ("Corporate Debtor") by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Company Petition (IB)-449 (PB) / 2018 was admitted on 09.07.2019, leading to the imposition of a moratorium under Section 14 of the Code. Mr. Shaikh Nafis Anjum was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published a public announcement on 12.07.2019, following which the Committee of Creditors (CoC) was constituted. The first CoC meeting was held on 08.08.2019. The RP took steps to appoint valuers for asset

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. OESPL Pvt. Ltd. complies with the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and the compliance certificate

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must provide for

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by M/s.

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Shaikh Nafi…
- **Respondents:** M/s. Unnati…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2019-07-09 — CIRP Admi…**: Company Petition (IB)-449 (PB) / 2018 was…

## 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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