# Approval of Resolution Plan - C & C Towers Limited

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01095. The case pertains to IA No. 331 of 2021 in CP (IB) No.105/Chd/Hry/2019 before the National…

- **Court:** NCLT
- **Order date:** 19 Oct 2023
- **Citation:** TCN-2023-NCLT-01095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-c-c-towers-limited-052482e3

## Summary

### Background

The case pertains to IA No. 331 of 2021 in CP (IB) No.105/Chd/Hry/2019 before the National Company Law Tribunal (NCLT), Chandigarh Bench, concerning the insolvency resolution of C&C Towers Limited. The application was filed by Mr. Gaurav Khurana, the Resolution Professional (RP), seeking approval of the resolution plan under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by Mrs. Kusum Chadha Ahuja & Anr., financial creditors, and admitted on 10.10.2019. The resolution plan was approved by the Committee of Creditors (CoC) with a 100% voting share in its 17th meeting held on April 27, 2021. The case involves disputes with GMADA (Greater Mohali Area

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against C&C Towers Limited following a petition by financial creditors, Mrs. Kusum Chadha Ahuja & Anr. The CIRP was admitted on 10.10.2019. Mr. Amit Gupta was initially appointed as the Insolvency Resolution Professional (IRP), later replaced by Mr. Gaurav Khurana. A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, comprising Edelweiss Asset Reconstruction Company Limited, Punjab & Sind Bank, allottees, and deposit holders. Disputes arose between C&C Towers Limited and GMADA, leading to a termination notice issued by GMADA on 04.04.2016. The CoC approved a resolution plan submitted by Mahakram Developers Private Limited (MDPL)

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mahakram Developers Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complies with Section 30(2) of the

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**Interpretation:** Section 30(2) is interpreted to mean that the resolution plan must prioritize

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**Application:** The NCLT applied this ratio to the facts by scrutinizing the payment schedule

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Kusum Chadh…
- **Respondents:** C & C Towers…
- **Advocates:** Aalok J…; APS Ma…; +1 more

## Timeline

- **2019-10-10 — Admission o…**: The Company Petition CP(IB) No.105/Chd/Hry/2019 was admitted into the Corporate…
- **2019-10-12 — Public Annou…**: A Public Announcement in Form A, as mandated by Regulation 6 of the CIRP Regulations, was…

## 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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