# Approval of Resolution Plan- Hogar Controls India Private Limited

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00792. The application was filed by the Resolution Professional under Section 30(6) read with…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00792
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-hogar-controls-india-private-limited-147bb05c

## Summary

### Background

The application was filed by the Resolution Professional under Section 30(6) read with Regulation 39(4) of the IBBI (CIRP) Regulations, 2016, seeking approval of the Resolution Plan submitted by M/s. Antra Info Solutions Private Limited, which was approved by the Committee of Creditors (COC) with 100% of the voting share. The Tribunal admitted a petition filed under Section 9 by the Operational Creditor, Lumi Vietnam Joint Stock Company, and ordered the commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Hogar Controls India Private Limited. Mr. Manjeet Bucha was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional.

## Facts

Lumi Vietnam Joint Stock Company filed a petition under Section 9 of the IBC as an Operational Creditor against Hogar Controls India Private Limited. The petition was admitted, and CIRP was initiated. Manjeet Bucha was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The IRP constituted the Committee of Creditors (COC), which included Union Bank of India and ICICI Bank Ltd. The COC approved the Resolution Plan submitted by Antra Info Solutions Private Limited with 100% voting share. The Resolution Professional received Rs. 1,79,58,643/- in lieu of a performance bank guarantee. The total consideration of the Resolution Plan is Rs. 19,95,86,437/-, with Rs. 17,95,86,437/- allocated for settlement of claims. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Antra Info Solutions Private Limited meets the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The Tribunal assessed the Resolution Plan against the requirements of Section 30(2) of

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Tribunal found that the Resolution Plan provides for payment of CIRP costs,

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## Parties

- **Judges:** N. Venkata…; SH. CHARAN…
- **Appellants:** Lumi Vietnam…
- **Respondents:** Hogar Controls…; M/s Hogar…

## Timeline

- **2024-02-16 — Admission of…**: Tribunal admitted the petition filed under…
- **2024-02-22 — Public Annou…**: Applicant issued a public announcement in the Financial Express and Nava Telangana,…

## Legal provisions

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

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