# In the matter of Andhra Cements Limited IA(IBC)-31-2023 in CP (IB)-37-7-AMR-2022

> NCLT judgment dated 2023-02-16. Citation: TCN-2023-NCLT-04570. The Resolution Professional (RP) for Andhra Cement Limited, the Corporate Debtor, sought…

- **Court:** NCLT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLT-04570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/andhra-cements-limited-iaibc-31-2023-in-cp-ib-37-7-amr-2022-6b7b1129

## Summary

### Background

The Resolution Professional (RP) for Andhra Cement Limited, the Corporate Debtor, sought approval of the Resolution Plan under Section 30(6) & 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI Regulations. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2022-04-26. The Interim Resolution Professional (IRP) made a public announcement on 2022-04-28, inviting claims from creditors. The IRP received claims from various creditors and published the first list of creditors on 2022-05-17. The Committee of Creditors (CoC) was initially constituted with Pridhvi Asset Reconstruction and Securitization Company Limited (PARAS), Union Bank of India (UBI), and State Bank of India. The CoC decided to appoint the Applicant

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## Facts

The case involves the Corporate Insolvency Resolution Process (CIRP) of Andhra Cement Limited. The Resolution Professional (RP) sought approval of the Resolution Plan under Section 30(6) & 31(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2022-04-26. The Interim Resolution Professional (IRP) made a public announcement on 2022-04-28, inviting claims from creditors. The IRP received claims from various creditors and published the first list of creditors on 2022-05-17. The Committee of Creditors (CoC) was initially constituted with Pridhvi Asset Reconstruction and Securitization Company Limited (PARAS), Union Bank of India (UBI), and State Bank of India. The CoC decided to appoint the Applicant as Resolution Professional (RP) on 2022-05-26.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of the …

**Ratio:** Section 30(2) of the Code, as amended up to date, enjoins upon the Resolution

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents submitted

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**Interpretation:** The Resolution Plan must comply with the mandatory requirements of Section

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Pridhvi Asset…
- **Respondents:** Andhra Cements…

## Timeline

- **2022-04-26 — Initiation…**: The Bench directed initiation of Corporate Insolvency Resolution Process (CIRP) of the…
- **2022-04-28 — Public Annou…**: The IRP made a public announcement in the newspapers, inviting claims from…

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