# In the matter of Altair Industrial Technologies Private Limited

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00341. The case involves an application (IA No. 2573/2021) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/altair-industrial-technologies-private-limited-6e4c71e6

## Summary

### Background

The case involves an application (IA No. 2573/2021) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Altair Industrial Technologies Private Limited. The CIRP was initiated based on a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The applicant, Small Industrial Development Bank of India (SIDBI), objected to the resolution plan approved by the Committee of Creditors (CoC), primarily due to the extinguishment of personal guarantees of the promoters and alleged irregularities in the resolution process. The CoC initially approved liquidation but later considered a resolution plan submitted by the suspended director. The applicant contends that the resolution plan violates the IBC and related regulations,

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## Facts

1. CIRP was initiated against Altair Industrial Technologies Private Limited on 2019-02-26 under Section 10 of the IBC.
2. The initial resolution plan submitted by the suspended directors was rejected by the CoC.
3. The CoC approved the initiation of liquidation on 2019-11-19, and Respondent No. 1 filed an application for liquidation.
4. During the pendency of the liquidation application, the unsuccessful resolution applicant filed an application seeking permission to submit a resolution plan and extend the CIRP period, which was allowed on 2021-07-29.
5. The unsuccessful resolution applicant submitted a revised resolution plan dated 2021-10-18, which was approved by the CoC on 2021-10-18 with 91.95% voting in favor.
6. The applicant, SIDBI, voted against the resolution

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## Issues and analysis

### Issue 1: Whether the clause in the resolution plan for extinguishing the personal guarantees of promoters …

**Ratio:** The commercial wisdom of the CoC in approving a resolution plan, including the

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**Reasoning:** The court reasons that the promoters of the Corporate Debtor submitted the resolution

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**Interpretation:** The interpretation of the IBC allows for the CoC to make commercial decisions

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**Application:** In this specific case, the court applies the ratio and reasoning to the facts

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Small Industries…
- **Respondents:** Altair Industrial…; Harshad Des…

## Timeline

- **2019-02-26 — CIRP Init…**: CIRP initiated against Altair Industrial Technologies Private Limited under Section 10 of…
- **2019-11-19 — Liquidation A…**: CoC approved the initiation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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