# 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-03555. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ahinsa Buildtech…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03555
- **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-cf337abe

## 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) and 31 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 meetings were held to discuss the resolution plan. Several resolution plans were submitted and considered, including those from Monica Shah consortium, Kabra and Associates, and Marttcon Consortium. The RP also appointed

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## Facts

1. Ahinsa Buildtech Private Limited (ABPL) underwent Corporate Insolvency Resolution Process (CIRP) following an application under the Insolvency and Bankruptcy Code (IBC).
2. ABPL is a subsidiary of Orbit Corporation Limited, which is under liquidation as per Bombay High Court order dated 12.04.2018.
3. The Interim Resolution Professional (IRP) was appointed on 04.11.2019 and made a public announcement on 13.11.2019.
4. Claims were received from various creditors, including financial creditors (1), financial creditors in a class (home buyers - 239), and operational creditors (2).
5. The Committee of Creditors (CoC) was constituted, with the first meeting held on 31st December 2019.
6. 75.30% of flat buyers voted in favor of resolution.
7. Several CoC meetings were held to

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Kabra and Associates complies with the provisions of the …

**Ratio:** Section 30(2) of the IBC outlines the requirements for a resolution plan, including

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**Reasoning:** The Adjudicating Authority considered the submission of the RP and the records, finding

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**Interpretation:** Section 30(2) sets the mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority determined that the resolution plan submitted by

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## Parties

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

## Timeline

- **2018-04-12 — Liquidation…**: Orbit Corporation Limited, the holding company of the corporate debtor, is under…
- **2019-11-04 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Ahinsa Buildtech Private…

## 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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