# In the matter of Xenia Abode Services Private Limited MA-1132-2019 in CP-1355-IB-2018

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02455. The application was filed under Section 30(1) & (6) of the IBC, 2016, regarding the resolution…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/xenia-abode-services-private-limited-ma-1132-2019-in-cp-1355-ib-2018-6335a0df

## Summary

### Background

The application was filed under Section 30(1) & (6) of the IBC, 2016, regarding the resolution plan of Xenia Adobe Services India Private Limited. The Resolution Professional (RP) sought approval of the resolution plan based on the Committee of Creditors (CoC) approving the plan with 82.51% voting share in their meeting held on 2019-10-03. The IRP was appointed on 2019-01-09.

## Facts

Xenia Adobe Services India Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP). An application was filed under Section 30(1) & (6) of the IBC, 2016. The Resolution Professional (RP), Nagalingam Muthiah, sought approval of a resolution plan. The Committee of Creditors (CoC) approved the resolution plan with 82.51% voting share in a meeting held on 2019-10-03. The accounts of the Corporate Debtor were not classified as NPA as on the date of commencement of the CIRP period. The Resolution Applicant, Mr. Nitin Sadanand, is one of the Promoters-Suspended Director of the Corporate Debtor. The Resolution Applicant proposed to pay more than the liquidation value. The Resolution Applicant wants to manage the Corporate Debtor's entity as a 'going

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Applicant complies with the provisions of …

**Ratio:** A resolution plan must comply with all the provisions of the Insolvency and Bankruptcy

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**Reasoning:** The court observed that the Resolution Professional certified Form-H, indicating

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**Interpretation:** Section 30(1) of the IBC requires the resolution applicant to submit an

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**Application:** The Resolution Professional's certification and the Resolution Applicant's

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Nagalingam…
- **Respondents:** Xenia Adobe…

## Timeline

- **2019-01-09 — IRP Appoi…**: The Bench admitted…
- **2019-03-07 — Appointment of…**: The Bench appointed Mr. Nagalingam Muthiah as Resolution Professional based on the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(1) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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