# In the matter of Utech Engineering Works (India) Pvt. Ltd. I.A. No. 364 of 2021 in C.P. No. 2476-IB-2018

> NCLT judgment dated 11 Feb 2022. Citation: TCN-2022-NCLT-04171. This application was filed by the Resolution Professional under Sections 30(6) and 31 of the…

- **Court:** NCLT
- **Order date:** 11 Feb 2022
- **Citation:** TCN-2022-NCLT-04171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/utech-engineering-works-india-pvt-ltd-ia-no-364-of-2021-in-cp-no-2476-ib-2018-610ac136

## Summary

### Background

This application was filed by the Resolution Professional under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Rule 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by Mr. Ravindra P. Birole. The Corporate Insolvency Resolution Process (CIRP) for Utech Engineering Works (India) Pvt. Ltd. was initiated on June 25, 2019. A public announcement was made on June 30, 2019, inviting claims from creditors, and the Committee of Creditors (CoC) was constituted with Janaseva Shahakari Bank Ltd. as the sole member. The Resolution Professional received three Expressions of Interest (EOI) from Prospective Resolution Applicants (PRAs) in response to the public announcement.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Utech Engineering Works (India) Pvt. Ltd. was initiated by an order of the NCLT Mumbai Bench on June 25, 2019. Following this, the Interim Resolution Professional (IRP) issued a public announcement in Form 'A' on June 30, 2019, inviting claims from creditors. The Committee of Creditors (CoC) was subsequently constituted, with Janaseva Shahakari Bank Ltd. identified as the sole member.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Ravindra P. Birole complies with the provisions of the…

**Ratio:** A Resolution Plan, to be approved by the Adjudicating Authority, must satisfy the…

**Reasoning:** The Tribunal found that the Resolution Plan complied with Section 30(2) of the Code and…

**Interpretation:** The court interpreted Section 30(2) and related regulations as mandating…

**Application:** The Resolution Plan submitted by Mr. Ravindra P. Birole was found to be…

## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Advocates:** Amay Ha…; Geeta Lun…; +1 more

## Timeline

- **June 25, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **June 30, 2019 — Public Annou…**: The Interim Resolution Professional (IRP) published a public announcement in Form 'A'…

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