# In the matter of Amzen Machines Pvt. Ltd. IA-2971-2022 in (IB)-2058(ND)-2019

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03799. The case involves an application (IA-2971/2022) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03799
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amzen-machines-pvt-ltd-ia-2971-2022-in-ib-2058nd-2019-064dc04a

## Summary

### Background

The case involves an application (IA-2971/2022) filed by the Resolution Professional (RP) of M/s. Amzen Machines (P) Ltd. ("Corporate Debtor") under Section 30(6) read with Section 31 and Section 60(5) of the Insolvency & Bankruptcy Code, 2016, along with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant (SRA), RKG ASSET MANAGEMENT LLP, RKG Fund-I. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Punjab National Bank ("Financial Creditor") under Section 7 of the Code. The

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## Facts

Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Amzen Machines (P) Ltd. under Section 7 of the IBC, leading to the appointment of Anurag Goel as the Interim Resolution Professional (IRP). The Adjudicating Authority admitted the petition on March 11, 2021. Public announcements were made to invite claims from creditors. The IRP constituted a Committee of Creditors (CoC). The CoC confirmed the Applicant as the Resolution Professional (RP). The RP received total claims amounting to Rs. 5,32,31,40,361. The fair value of the Corporate Debtor was valued at Rs. 139,35,00,000, and the liquidation value was Rs. 93,12,00,000. The RP invited Expression of Interest (Eol) and received five Eols, but one was found ineligible. The CoC decided to

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by RKG Asset Management LLP meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC and Regulations 37, 38, and 39 of the CIRP Regulations prescribe

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**Reasoning:** The Adjudicating Authority found that the Resolution Plan complied with Sections 30 and

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**Interpretation:** The Resolution Plan must adhere to the statutory requirements outlined in the

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**Application:** The Adjudicating Authority perused the documents and found that the Resolution

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Punjab National…
- **Respondents:** AMZEN MACHINES…; RKG ASSETS…
- **Advocates:** P. Na…; Rishi Si…; +1 more

## Timeline

- **2021-03-11 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition (IB)-2058(ND)/2019 filed by…
- **2021-03-17 — Public Annou…**: Public announcements were made under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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