# Approval of Resolution Plan - Harig Crankshafts Limited

> NCLT judgment dated 2024-04-17. Citation: TCN-2024-NCLT-01693. The case pertains to an application filed under Section 30(6) read with Section 31 of the…

- **Court:** NCLT
- **Order date:** 17 Apr 2024
- **Citation:** TCN-2024-NCLT-01693
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-harig-crankshafts-limited-a9495a01

## Summary

### Background

The case pertains to an application filed under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, for approval of the Resolution Plan in respect of M/s Harig Crankshafts Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Bank of India (later substituted by M/s Asrec (India) Limited as the Financial Creditor) under Section 7 of the Code. The CIRP commenced on 31.03.2023, and Mr. Saurabh Chawla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Harig Crankshafts LTD. based on an application filed by Bank of India, which was later substituted by M/S ASREC (INDIA) LIMITED as the Financial Creditor. The CIRP commenced on 31.03.2023, with Mr. Saurabh Chawla appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted 13 CoC meetings. The CoC comprised a sole Financial Creditor, ASREC (India) Limited, with a claim of Rs. 1,24,62,46,207.68. Several Prospective Resolution Applicants (PRAs) submitted Expression of Interest (EOI), and after evaluation, Palika Towns LLP was declared the H1 Resolution Applicant. The CoC approved the Resolution Plan submitted by Palika Towns LLP

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Palika Towns LLP meets the requirements of Section 30(2) …

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

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it adequately

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**Interpretation:** Section 30(2) ensures that the resolution plan is fair and equitable to all

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**Application:** The Resolution Plan submitted by Palika Towns LLP was found to be in compliance

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Saurabh C…
- **Respondents:** M/S HARIG…; M/s. ASREC…
- **Advocates:** Abhishek…; Karan K…; +9 more

## Timeline

- **2019-01-01 — Company Pe…**: The underlying Company Petition CP (IB) No.81/ALD/2019 was filed by Bank of India under…
- **2023-03-31 — Admission…**: The Adjudicating Authority admitted the application vide its order dated 31.03.2023…

## 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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