# Approval of Resolution Plan - HBS Auto & Anc Sez Pvt. Ltd.

> NCLT judgment dated 2025-03-12. Citation: TCN-2025-NCLT-00369. The case pertains to IA No. 17 of 2025 in CP(IB) No.966 of 2020, filed under Section 30(6) and…

- **Court:** NCLT
- **Order date:** 12 Mar 2025
- **Citation:** TCN-2025-NCLT-00369
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-hbs-auto-anc-sez-pvt-ltd-ef0ebfde

## Summary

### Background

The case pertains to IA No. 17 of 2025 in CP(IB) No.966 of 2020, filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Mr. Avinash Ambikaprasad Shukla, seeking approval of the resolution plan submitted by the consortium of M/s Mahansaria Tyres Pvt. Ltd. and M/s. Lotus Ornaments Pvt. Ltd. (Successful Resolution Applicant/SRA) for HBS Auto and ANC SEZ Private Limited (Corporate Debtor). The CIRP was initiated by SREI Equipment Finance Ltd. under Section 7 of IBC, 2016, and Mr. Avinash Ambikaprasad Shukla was appointed as the IRP, later confirmed as RP. The resolution plan was approved by 100% of the Committee of Creditors (CoC).

## Facts

SREI Equipment Finance Ltd. initiated CIRP against HBS Auto & Anc Sez Pvt. Ltd. under Section 7 of IBC, 2016. Mr. Avinash Ambikaprasad Shukla was appointed as the IRP and later confirmed as RP. The Corporate Debtor, incorporated on 08.10.2007, is in the business of real estate development. The RP invited Expression of Interest (EOI) from prospective bidders, and the CoC approved a resolution plan submitted by a consortium of Mahansaria Tyres Private Limited and Lotus Ornaments Private Limited (Successful Resolution Applicant/SRA) with 100% voting share. The resolution plan involves a total outlay of Rs. 47,08,31,231/-. The plan includes provisions for payment to various classes of creditors, including secured financial creditors, operational creditors, and workmen.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the IBC, which specifies the

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**Reasoning:** The NCLT examined the Resolution Plan and the compliance certificate submitted by the RP

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**Interpretation:** Section 30(2) of the IBC mandates that a resolution plan must meet certain

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**Application:** The NCLT found that the Resolution Plan complied with the provisions of the IBC

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## Parties

- **Judges:** V.G. B…; SH. PRABHAT…
- **Appellants:** Avinash Ambikapras…
- **Respondents:** HBS Auto & Anc…
- **Advocates:** Nausher…; Darshit…; +3 more

## Timeline

- **2020-01-01 — CP(IB) No.966 of 2020…**: The CP (IB) No.966 of 2020 was filed under Section 7 of IBC, 2016 by SREI Equipment…
- **2024-01-02 — CIRP Initiati…**: The CIRP was admitted vide Order dated 02.01.2024 passed by this Bench thereby appointing…

## 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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