# 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-02437. The application was filed under Section 30(1) & (6) of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02437
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/xenia-abode-services-private-limited-ma-1132-2019-in-cp-1355-ib-2018-a2b10cd3

## Summary

### Background

The application was filed under Section 30(1) & (6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan. 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 its meeting held on 2019-10-03. The bench admitted the case on 2019-01-09 and appointed the IRP. The bench appointed Mr. Nagalingam Muthiah as Resolution Professional vide its order dated 2019-03-07.

## 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 for approval of a resolution plan. The CoC approved the resolution plan with 82.51% voting share in its meeting held on 2019-10-03. The Resolution Professional, Nagalingam Muthiah, sought approval of the resolution plan. The bench admitted the case on 2019-01-09. The Resolution Applicant, Mr. Nitin Sadanand, is one of the Promoters-Suspended Director of the Corporate Debtor. The accounts of the Corporate Debtor were not classified as NPA as on the date of commencement of the CIRP period. The Resolution Applicant proposed to pay more than the liquidation value. The Resolution Applicant undertook

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## Issues and analysis

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

**Ratio:** Section 30(4) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(3),

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**Reasoning:** The court observed that the CoC had constituted on 2019-10-03 and observed that the

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**Interpretation:** Section 30(4) ensures that the resolution plan adheres to the legal framework

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**Application:** The court applied the ratio by verifying that the CoC had indeed observed that

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## Parties

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

## Timeline

- **2019-01-09 — Admission o…**: The Bench admitted the…
- **2019-03-07 — Appointment of…**: The Bench appointed Mr. Nagalingam…

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