# Approval of Resolution Plan- Hogar Controls India Private Limited

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00794. 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-00794
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-hogar-controls-india-private-limited-7beaaa6e

## 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 the 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 the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional.

## Facts

Lumi Vietnam Joint Stock Company, an operational creditor, filed a petition under Section 9 of the IBC, 2016 against Hogar Controls India Private Limited, the corporate debtor. The petition was admitted on 16.02.2024, initiating the Corporate Insolvency Resolution Process (CIRP). Manjeet Bucha was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The IRP verified and collated claims, constituting 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 Corporate Debtor is an

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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, 2016 specifies the requirements that a resolution plan must

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**Reasoning:** The Tribunal found that the Resolution Plan submitted by M/s Antra Info Solutions Private

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The Resolution Plan was thoroughly examined to ensure it met all the criteria

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## Parties

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

## Timeline

- **2024-02-16 — Admission of…**: Tribunal admitted the petition filed under Section 9 by the Operational Creditor, Lumi…
- **2024-02-22 — Public Annou…**: The Applicant issued a public announcement in the Financial Express and Nava Telangana,…

## 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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