# Approval of Resolution Plan - Galada Power and Telecommunication Limited I.A. No.583 OF 2021 in CP(IB) NO. 384-7-HDB-2018

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03195. The case pertains to IA No. 583/2021 filed by the Resolution Professional (RP) of M/s. Galada…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-galada-power-and-telecommunication-limited-ia-no583-0d1aebed

## Summary

### Background

The case pertains to IA No. 583/2021 filed by the Resolution Professional (RP) of M/s. Galada Power and Telecommunication Limited, the Corporate Debtor, under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s. Amrutha Constructions Private Limited. The Company Petition CP(IB) No. 384/7/HDB/2018 was admitted earlier, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The RP constituted a Committee of Creditors (CoC). Several rounds of Expression of Interest (EOI) were conducted, and multiple resolution plans were considered. Ultimately, the CoC approved the resolution plan submitted by Amrutha Constructions Private Limited with a 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunication Limited after the admission of Company Petition CP(IB) No. 384/7/HDB/2018 filed by Stressed Assets Stabilization Fund under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Nitin Vishwanath Panchal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) comprising Stressed Asset Stabilisation Fund, Edelweiss ARC, Syndicate Bank, and UTI Mutual Fund. The RP conducted multiple rounds of Expression of Interest (EOI) and received several resolution plans. The CoC rejected some plans and authorized the RP to seek permission for renegotiations.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Amrutha Constructions Private Limited meets the …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complied with

…

**Interpretation:** Section 30(2) is interpreted as setting out mandatory conditions for the

…

**Application:** The Adjudicating Authority found that the Resolution Plan provided for payment

…

## Parties

- **Judges:** Venkata Ramakrishn…; Satya Ranjan…
- **Appellants:** Stressed Assets…
- **Respondents:** Galada Power And…; Galada Power and…

## Timeline

- **2018-01-01 — Initiation…**: Company Petition CP(IB) No.…
- **2019-08-14 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition and ordered the commencement of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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-galada-power-and-telecommunication-limited-ia-no583-0d1aebed