# In the matter of Unnati Fortune Industries Private Limited I.A. 1773 (PB)-2020 in Company Petition No. (IB)-452 (PB)-2018

> NCLT judgment dated 2020-07-01. Citation: TCN-2020-NCLT-01090. The case pertains to the submission of a Resolution Plan under Section 30(6) for approval under…

- **Court:** NCLT
- **Order date:** 1 Jul 2020
- **Citation:** TCN-2020-NCLT-01090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unnati-fortune-industries-private-limited-ia-1773-pb-2020-in-company-petition-no-22054a45

## Summary

### Background

The case pertains to the submission of a Resolution Plan under Section 30(6) for approval under Section 31 of the Insolvency and Bankruptcy Code, 2016. M/s Nupur Finvest Private Limited, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Unnati Fortune Industries Private Limited, the Corporate Debtor, by filing an application under Section 7 of the Code. The Company Petition (IB)-452 (PB) / 2018 was admitted on 11.06.2019, imposing a moratorium under Section 14 of the Code. Mr. Pradeep Kumar Mittal was appointed as the Interim Resolution Professional. The Interim Resolution Professional made a public announcement on 18.06.2019, calling for the submission of claims by creditors. A Committee of Creditors (CoC) was constituted, and

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## Facts

M/s Nupur Finvest Private Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Unnati Fortune Industries Private Limited, the corporate debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 11.06.2019, and a moratorium was imposed. Mr. Pradeep Kumar Mittal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public announcement on 18.06.2019, inviting claims from creditors. A Committee of Creditors (CoC) was constituted. The RP issued Form G on 11.09.2019, seeking a resolution plan. The last date for submission of Expression of Interest (EOI) was 26.09.2019. Two prospective resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s One City Infrastructure Private Limited meets the …

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

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**Reasoning:** The Tribunal reviewed the Resolution Plan and found that it complied with the

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**Interpretation:** Section 30(2) is interpreted as setting out mandatory conditions for a

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**Application:** The Tribunal applied the requirements of Section 30(2) to the specific details

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## Parties

- **Judges:** SH.CH. MOHD.…; Sh. Hemant Kumar…
- **Appellants:** Nupur Finvest…
- **Respondents:** Unnati Fortune…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No. (IB)-…
- **2019-06-11 — Admission of Company…**: Company Petition (IB)-452 (PB) / 2018 was admitted, imposing moratorium under Section 14…

## 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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