# In the matter of Anand Tex India Pvt. Ltd. IA No.416-2021 in CP (IB) No.135-Chd-Hry-2018

> NCLT judgment dated 2023-01-20. Citation: TCN-2023-NCLT-04981. The application IA No.416/2021 was filed by Mr. Anup Sood, the Resolution Professional of M/s…

- **Court:** NCLT
- **Order date:** 20 Jan 2023
- **Citation:** TCN-2023-NCLT-04981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anand-tex-india-pvt-ltd-ia-no416-2021-in-cp-ib-no135-chd-hry-2018-494e4075

## Summary

### Background

The application IA No.416/2021 was filed by Mr. Anup Sood, the Resolution Professional of M/s Anand Tex India Pvt. Ltd., under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, for approval of the resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Anand Tex India Pvt. Ltd. The resolution plan was approved by 100% voting share of the Committee of Creditors (CoC) in its 12th meeting held on 14.05.2021. The Company Petition bearing CP (IB) No.135/Chd/Hry/2018 was filed by the Financial Creditor-Bank of India against the Corporate Debtor and was admitted into CIRP vide order dated 29.11.2019. Mr. Anup Sood was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution

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## Facts

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s Anand Tex India Pvt. Ltd. initiated by Bank of India, the Financial Creditor, under the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered due to the corporate debtor's default, leading to the filing of CP (IB) No.135/Chd/Hry/2018, which was admitted on 29.11.2019. Mr. Anup Sood was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), consisting solely of Bank of India, was formed, and several meetings were conducted to explore resolution options. The RP invited Expression of Interest (EOI) through Form G, and Mrs. Kanta Garg, the wife of the suspended director, submitted a resolution plan.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mrs. Kanta Garg complies with the provisions of the …

**Ratio:** Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, along with Regulations 38

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** Sections 30 and 31 of the IBC, along with Regulations 38 and 39 of the IBBI

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 of the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Bank of…
- **Respondents:** M/s Anand Tex…
- **Advocates:** Harsh…

## Timeline

- **2018-01-01 — Company Petiti…**: CP (IB) No.135/Chd/Hry/2018 was filed by the Financial Creditor-Bank of India against the…
- **2019-11-29 — Admission in…**: The Company Petition was admitted into the Corporate Insolvency Resolution Process…

## 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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