# Approval of Resolution Plan - Limtex (India) Limited

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01406. The case pertains to an application under section 30(6) and section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-limtex-india-limited-7d7fcb59

## Summary

### Background

The case pertains to an application under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a Resolution Plan for Limtex (India) Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Limtex (India) Limited based on a petition filed by UCO Bank, the Financial Creditor, under section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on June 13, 2022. Initially, Mr. Sandip Mitra was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Pratap Mukherjee as the Resolution Professional (RP).

## Facts

UCO Bank, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Limtex (India) Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on June 13, 2022. Mr. Sandip Mitra was initially appointed as the Interim Resolution Professional (IRP), but later Mr. Pratap Mukherjee was appointed as the Resolution Professional (RP). The IRP made a public announcement on June 15, 2022, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, comprising CFM Asset Reconstruction Private Limited (89.36% voting share) and UCO Bank (10.64% voting share). Nine CoC meetings were held during the CIRP period. The total amount claimed by creditors was Rs. 180,23,83,851. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Pushapdham Heights Private Limited complies with the …

**Ratio:** The legal principle applied is that a Resolution Plan must comply with the provisions of

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**Reasoning:** The Adjudicating Authority (NCLT) reviewed the Resolution Plan and found that it is in

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**Interpretation:** Section 30 and 31 of the IBC outline the requirements for the submission and

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**Application:** In this case, the Resolution Plan submitted by Pushapdham Heights Private

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Limtex (India)…
- **Advocates:** Manju Bhu…; Rakhi Purni…; +2 more

## Timeline

- **2019-01-01 — CP (IB) No. 183…**: Underlying Company…
- **2022-06-13 — Admission of Section 7…**: Section 7 application filed by UCO Bank admitted, initiating CIRP against Limtex (India)…

## 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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