# In the matter of Ajanta Offset and Packaging Limited I.A. 1528-ND-2022 in C.P. No. IB-1526-ND-2019

> NCLT judgment dated 2022-08-17. Citation: TCN-2022-NCLT-01345. The case involves a corporate insolvency resolution process (CIRP) initiated against M/S Ajanta…

- **Court:** NCLT
- **Order date:** 17 Aug 2022
- **Citation:** TCN-2022-NCLT-01345
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ajanta-offset-and-packaging-limited-ia-1528-nd-2022-in-cp-no-ib-1526-nd-2019-15c63cbb

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against M/S Ajanta Offset and Packaging Limited ('Corporate Debtor') based on an application filed by M/S Amritvani Exim Private Limited, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Satya Narayana Guddeti was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss resolution plans. However, the resolution plans submitted by prospective resolution applicants were deemed unfeasible, leading to a resolution for liquidation. Subsequently, the suspended directors of the corporate debtor filed an application seeking consideration of a resolution plan submitted by them, arguing

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Ajanta Offset and Packaging Limited on 04.02.2020, based on an application by M/S Amritvani Exim Private Limited. The Resolution Professional (RP) carried out a public announcement on 07.02.2020 and constituted a Committee of Creditors (CoC) on 27.02.2020. The CoC rejected the resolution plans submitted by prospective resolution applicants due to feasibility concerns, leading to a resolution for liquidation on 18.06.2021. The suspended directors of the corporate debtor filed an application seeking consideration of their resolution plan, arguing that the corporate debtor, being an MSME, should be eligible for exemptions under Section 240A of the Code. The Adjudicating Authority extended the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor undergoing Corporate Insolvency Resolution Process ('CIRP'), which was …

**Ratio:** Section 240A of the Code provides certain relaxations to MSMEs undergoing CIRP,

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**Reasoning:** The court reasoned that the promoter of the Corporate Debtor can get rid of ineligibility

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**Interpretation:** Section 240A provides a relaxation to MSMEs, but this relaxation is not

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**Application:** In this case, the Corporate Debtor was registered as an MSME after the initial

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## Parties

- **Judges:** Sh. Dharminder…; BINOD KUMAR…
- **Appellants:** M/s Amritvani…
- **Respondents:** Ajanta Offset &…; M/s. Ajanta…

## Timeline

- **2020-02-04 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Ajanta Offset…
- **2020-02-04 — Appointment…**: Mr. Satya Narayana Guddeti was appointed as…

## 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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