# Approval of Resolution Plan - Harig Crankshafts Limited

> NCLT judgment dated 2024-04-17. Citation: TCN-2024-NCLT-01696. The case pertains to an interlocutory application (IA No. 554/2023) filed in a corporate…

- **Court:** NCLT
- **Order date:** 17 Apr 2024
- **Citation:** TCN-2024-NCLT-01696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-harig-crankshafts-limited-ab33ebc1

## Summary

### Background

The case pertains to an interlocutory application (IA No. 554/2023) filed in a corporate insolvency resolution process (CIRP) against M/S Harig Crankshafts Limited. The CIRP was initiated based on an application by Bank of India (later substituted by M/S Asrec (India) Limited as the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 31.03.2023, and Mr. Saurabh Chawla was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP conducted several Committee of Creditors (CoC) meetings to facilitate the resolution process, including inviting resolution plans from prospective resolution applicants (PRAs). The CoC approved the resolution plan submitted by

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## Facts

M/S Harig Crankshafts Limited faced a Corporate Insolvency Resolution Process (CIRP) initiated by Bank of India, later substituted by M/S ASREC (India) Limited as the Financial Creditor. The CIRP was triggered under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on March 31, 2023, marking the Insolvency Commencement Date. Mr. Saurabh Chawla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted 13 CoC meetings. Public announcements were made in Business Standards (English) and Rashtriya Sahara (Hindi) on April 3, 2023, calling for proof of claims. The last date for claim submissions was April 14, 2023. The CoC was constituted on April 27, 2023, with M/S

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Palika Towns LLP complies with the requirements of …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for approval of a resolution plan,

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found it to be in accordance

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**Interpretation:** Sections 30 and 31 are interpreted to ensure that the resolution plan is

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**Application:** The Resolution Plan submitted by Palika Towns LLP was found to meet the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** M/S HARIG…
- **Advocates:** Abhishek…; Karan K…; +9 more

## Timeline

- **2019-01-01 — Company Pe…**: Underlying Company Petition CP (IB) No.81/ALD/2019 filed by Bank of India under Section 7…
- **2023-03-31 — Admission…**: Adjudicating Authority admitted the…

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