# In the matter of Ahinsa Buildtech Private Limited IA No. 2230 of 2021 in CP (IB) 3562-MB-2018

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03566. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ahinsa Buildtech…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ahinsa-buildtech-private-limited-ia-no-2230-of-2021-in-cp-ib-3562-mb-2018-2f13bb5a

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ahinsa Buildtech Private Limited. The CIRP was initiated following an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The corporate debtor is a subsidiary of Orbit Corporation Limited, which is under liquidation by an order of the Bombay High Court. The resolution professional (RP) received claims from financial creditors, financial creditors in a class (home buyers), and operational creditors. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution plan. The RP also filed an application to determine the status of Umesh Suppliers Private Limited (USPL) as a related party. Several resolution plans were submitted, and

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## Facts

Ahinsa Buildtech Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor is a subsidiary of Orbit Corporation Limited, which is under liquidation. The Interim Resolution Professional (IRP) was appointed and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The RP received claims from financial creditors, financial creditors in a class (home buyers), and operational creditors. A Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution plan. Key events include the admission of the Corporate Debtor into CIRP on 2019-11-04, the appointment

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** The Adjudicating Authority must ensure that the resolution plan complies with Section

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**Reasoning:** The Adjudicating Authority carefully considered the submission of counsel for the RP and

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**Interpretation:** Section 30(2) of the Code sets out the minimum requirements that a resolution

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**Application:** The Adjudicating Authority found that the resolution plan complied with Section

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## Parties

- **Judges:** SUCHITRAKAN…; ANURADHA SANJAY…
- **Appellants:** Pravin Electricals…
- **Respondents:** Ahinsa Buildtech…; M/s. Umesh…

## Timeline

- **2019-11-04 — Initiation…**: Corporate Debtor was admitted…
- **2019-11-09 — Order Rec…**: IRP received t…

## 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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