# Approval of Resolution Plan - Altair Industrial Technologies Private Limited

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00352. The case pertains to an application filed under Section 30(6) r/w Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-altair-industrial-technologies-private-limited-0762f19e

## Summary

### Background

The case pertains to an application filed under Section 30(6) r/w Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan for Altair Industrial Technologies Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the Code. An interim resolution professional was appointed, and a Committee of Creditors (CoC) was constituted. The initial resolution plan was rejected, and the CoC proposed liquidation. Subsequently, a revised resolution plan was submitted by Sethi Funds Management Private Limited & its affiliated companies, along with Mr. Anil Anand and Mr. Anoop Anand, and approved by 91.95% of the CoC. The resolution applicant deposited an Earnest Money

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## Facts

Altair Industrial Technologies Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Mr. Harshad S. Deshpande was the Resolution Professional. The Committee of Creditors (CoC) included Bank of India (BoI) with 91.95% voting share and Small Industries Development Bank of India (SIDBI) with 8.05% voting share. An initial resolution plan was rejected, leading to a proposed liquidation. Subsequently, a revised resolution plan was submitted by Sethi Funds Management Private Limited & its affiliated companies, along with Mr. Anil Anand and Mr. Anoop Anand ('Successful Resolution Applicant'). The revised plan was approved by 91.95% of the CoC. The

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Sethi Funds Management Pvt. Ltd & its Affiliate …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Sethi

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Harshad S.…
- **Respondents:** Altair Industrial…
- **Advocates:** Avinash R.…; Sure…; +4 more

## Timeline

- **2018-01-01 — CIRP Init…**: Application filed under section 30(6), r/w Section 31(1) of the Insolvency & Bankruptcy…
- **2019-02-26 — CIRP Ord…**: Tribunal order for initiating CIRP…

## 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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