# In the matter of V3 Engineers Private Limited I.A. No.  394 of 2020 in C.P. (IB) No. 315-BB-2019

> NCLT judgment dated 2020-09-21. Citation: TCN-2020-NCLT-00579. The case involves I.A. No. 394 of 2020 in C.P. (IB) No.315/BB/2019, filed by Shri Hari Babu…

- **Court:** NCLT
- **Order date:** 21 Sept 2020
- **Citation:** TCN-2020-NCLT-00579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v3-engineers-private-limited-ia-no-394-of-2020-in-cp-ib-no-315-bb-2019-4489ec78

## Summary

### Background

The case involves I.A. No. 394 of 2020 in C.P. (IB) No.315/BB/2019, filed by Shri Hari Babu Thota, the Resolution Professional of V3 Engineers Private Limited, seeking approval of a resolution plan submitted by Mr. Sanjay Punglia along with co-applicants. The Committee of Creditors (COC) approved the plan at their meeting on 21.08.2020. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by M/s. Manjushree Travels under Section 9 of the I&B Code, 2016, vide an order dated 02nd March 2020. The applicant was appointed as the IRP, and a moratorium was imposed.

## Facts

M/s. Manjushree Travels filed C.P. (IB) No.315/BB/2019 under Section 9 of the I&B Code, 2016, which was admitted on 02nd March 2020, initiating CIRP for V3 Engineers Private Limited. Shri Hari Babu Thota was appointed as the IRP. Public announcement was made on 8th March 2020. The COC consisted of two operational creditors: Subramanya Hegde and Manjushree Travels. The COC appointed the IRP as RP with a monthly remuneration of Rs. 1,00,000/-. Four registered valuers were appointed. An Expression of Interest (EOI) was issued, and two applications were received from Mr. Sanjay Punglia and M/s. V3 Interiors Private Limited. V3 Interiors later withdrew. The COC approved the resolution plan submitted by Mr. Sanjay Punglia with 100% voting share on 21st August 2020. A

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Sanjay Punglia along with co-applicants should be …

**Ratio:** Section 31(1) of the I&B Code, 2016, provides the framework for the approval of a

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**Reasoning:** The court considered the submissions of the Resolution Professional and the approval of

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**Interpretation:** Section 31(1) mandates that a resolution plan, once approved by the

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**Application:** The court, being satisfied that the resolution plan met the requirements of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Shri. Hari Babu…
- **Respondents:** V3 Engineers…

## Timeline

- **2020-03-02 — Admission of Section 9…**: The Adjudicating Authority admitted the application filed by M/s. Manjushree Travels…
- **2020-03-08 — Public Annou…**: The IRP made a public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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