# 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-01350. The application was filed by the Resolution Professional seeking approval of a Resolution Plan…

- **Court:** NCLT
- **Order date:** 17 Aug 2022
- **Citation:** TCN-2022-NCLT-01350
- **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-2019-7749ae69

## Summary

### Background

The application was filed by the Resolution Professional seeking approval of a Resolution Plan under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) was initiated against M/s. Ajanta Offset and Packaging Private Limited (Corporate Debtor) on February 4, 2020, following an application by M/s. Amritvani Exim Private Limited, a financial creditor, under Section 7 of the Code. Mr. Satya Narayana Guddeti was appointed as the Interim Resolution Professional. A public announcement of the CIRP was made on February 7, 2020, and the Committee of Creditors (CoC) was constituted on February 27, 2020. The first CoC meeting was held on March 5, 2020, where claims were noted, and the IRP's appointment as RP was confirmed. Expression of Interest (EOI) was published in Form G on August 19, 2020, in Financial Express and Jansatta. Two Prospective Resolution Applicants (PRAs), who

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, not previously registered as an MSME, can be registered as an MSME …

**Ratio:** MSME registration obtained during the CIRP, after the initial period for inviting

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**Reasoning:** The NCLT noted that the corporate debtor was registered as an MSME on August 30, 2021,

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**Interpretation:** The court interpreted **Section 240A** of the Code, which provides relaxation

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**Application:** The corporate debtor's registration as an MSME on August 30, 2021, was deemed

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** M/S AMRITVANI…
- **Respondents:** M/s. Ajanta…; M/s Ajanta…; +2 more

## Timeline

- **February 4, 2020 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Ajanta Offset and…
- **February 7, 2020 — Public Announcement of…**: Public announcement of the…

## 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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