# In the matter of AMW Motors Ltd. IA No. 425-AHM-2022 in CP (IB) 184-AHM-2018

> NCLT judgment dated 2022-12-21. Citation: TCN-2022-NCLT-00091. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AMW Motors Ltd.…

- **Court:** NCLT
- **Order date:** 21 Dec 2022
- **Citation:** TCN-2022-NCLT-00091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amw-motors-ltd-ia-no-425-ahm-2022-in-cp-ib-184-ahm-2018-ef936152

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AMW Motors Ltd. initiated by Indian Overseas Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered due to the corporate debtor's default, leading to a moratorium and the appointment of Mr. Avil Menezes as the Interim Resolution Professional (IRP), who was later appointed as the Resolution Professional (RP). The IRP made a public announcement, collated claims, and constituted a Committee of Creditors (CoC). The CoC explored resolution plans, including one from Gladiator Consortium, which was ultimately deemed unviable, leading to a resolution for liquidation. During the pendency of the liquidation application, new expressions of interest were received, including

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## Facts

Indian Overseas Bank initiated CIRP against AMW Motors Ltd. due to defaults. Mr. Avil Menezes was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, consisting of various financial creditors including Bank of India, Punjab National Bank, IDBI Bank, and Indian Overseas Bank. The CoC initially considered a resolution plan from Gladiator Consortium but deemed it unviable. During the liquidation application's pendency, Triton Electric Vehicle LLC submitted a resolution plan. The CoC approved Triton's plan with 99.6% voting share. The resolution plan offered Rs. 210 crores, including CIRP costs, against a fair value of Rs. 271.43 crores and a liquidation value of Rs. 162.59 crores. The RP sought clarifications on the plan's

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, and Regulation 38 (3A) of the

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**Reasoning:** The Adjudicating Authority considered the submissions of the Resolution Professional and

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**Interpretation:** Section 30(2) and Regulation 38 (3A) are interpreted to ensure that resolution

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) and

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Avil Me…
- **Respondents:** AMW Motor…; Indian Overseas…

## Timeline

- **2020-09-01 — Moratorium…**: Order of moratorium passed by…
- **2020-09-03 — Public Annou…**: IRP made a public…

## 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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