# Approval of Resolution Plan - Era Infra Engineering Limited

> NCLT judgment dated 2024-06-11. Citation: TCN-2024-NCLT-01188. The present case involves an application (I.A/1334/2023) filed under Section 30(6) read with…

- **Court:** NCLT
- **Order date:** 11 Jun 2024
- **Citation:** TCN-2024-NCLT-01188
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-era-infra-engineering-limited-7891ede5

## Summary

### Background

The present case involves an application (I.A/1334/2023) filed under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by Mr. Rajiv Chakraborty, the Resolution Professional of M/s Era Infra Engineering Limited (Corporate Debtor), seeking approval of the Resolution Plan submitted by SA Infrastructure Consultants Private Limited (Successful Resolution Applicant). The Resolution Plan was approved by the Committee of Creditors (CoC) with 87.08% voting in favor during its 32nd meeting held via e-voting on January 25, 2023. Suraksha Asset Reconstruction Limited, a

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Era Infra Engineering Limited (Corporate Debtor) by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Rajiv Chakraborty was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made inviting claims from creditors, with a deadline of May 28, 2018. The RP appointed GAA Advisory LLP and BDO India LLP as registered valuers to determine the fair value and liquidation value of the Corporate Debtor's assets. As of January 25, 2023, the total admitted claims amounted to INR 22,200.98 Crores. The RP invited Expressions of Interest (EoI) from Prospective Resolution Applicants (PRAs),

…

## Issues and analysis

### Issue 1: Whether the clauses in the Resolution Plan violate the judgment of the Hon'ble Supreme Court in the …

**Ratio:** The Hon'ble Supreme Court in the Ebix case addressed the issue of withdrawal of a

…

**Reasoning:** The Adjudicating Authority noted that in the present case, unlike the Ebix case, no

…

**Interpretation:** The Ebix case clarifies that once a resolution plan is approved by the CoC, it

…

**Application:** In this case, the Adjudicating Authority found that the clauses in question did

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Union Bank of…
- **Respondents:** M/S ERA INFRA…; Rajiv Chakr…

## Timeline

- **2018-05-08 — Adjudicating Authority…**: The Adjudicating Authority passed an order for the application filed by Union Bank of…
- **2018-12-18 — Appointment of…**: The Adjudicating Authority confirmed the appointment of the IRP as the Resolution…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-era-infra-engineering-limited-7891ede5