# Approval of Resolution Plan - Karvy Data Management Services Limited

> NCLT judgment dated 2024-12-13. Citation: TCN-2024-NCLT-00057. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karvy Data…

- **Court:** NCLT
- **Order date:** 13 Dec 2024
- **Citation:** TCN-2024-NCLT-00057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-karvy-data-management-services-limited-620568a7

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karvy Data Management Services Limited (KDMSL), initiated by Allied Hi-tech Industries Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code (IBC). The CIRP was triggered by an order dated 15.09.2023. An Interim Resolution Professional (IRP), Mr. Kranthi Kumar Kedari, was initially appointed and later replaced by the current Resolution Professional (RP). The erstwhile management of the Corporate Debtor filed an appeal against the CIRP admission order, which is pending before the NCLAT. The Resolution Professional filed an application seeking approval of the Resolution Plan submitted by Consortium of Sangamam Power Projects Private Limited, Sirmour Small Hydro

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## Facts

Allied Hi-tech Industries Pvt Ltd initiated CIRP against Karvy Data Management Services Limited (KDMSL) under Section 7 of IBC. The CIRP commenced on 15.09.2023. An appeal against the CIRP admission order is pending before NCLAT. The Resolution Professional (RP) issued public announcements and constituted a Committee of Creditors (COC). The COC approved a Resolution Plan submitted by Consortium of Sangamam Power Projects Private Limited, Sirmour Small Hydro Power Private Limited and Sharp Ventures Private Limited with 85.29% voting share. The RP appointed registered valuers and a transaction auditor. The RP conducted a challenge mechanism (e-auction) to improve the Resolution Plans. The Directorate of Enforcement provisionally attached the assets of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Consortium of Sangamam Power Projects Private Limited, …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a Resolution Plan must meet,

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it complies with the requirements of

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**Interpretation:** Section 30(2) of the IBC is interpreted to mean that a Resolution Plan must

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Karvy Data…
- **Advocates:** D.V. Sitaram…; Bendi Rav…; +2 more

## Timeline

- **2023-09-15 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for Karvy Data Management…
- **2023-09-20 — Appointment of…**: Mr. Kranthi Kumar Kedari was initially appointed as Interim Resolution Professional (IRP)…

## 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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