# Approval of Resolution Plan - Neueon Towers Limited

> NCLT judgment dated 2024-10-23. Citation: TCN-2024-NCLT-00363. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Neueon Towers Ltd.…

- **Court:** NCLT
- **Order date:** 23 Oct 2024
- **Citation:** TCN-2024-NCLT-00363
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-neueon-towers-limited-731d3c69

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Neueon Towers Ltd. initiated based on an application by IDBI Bank Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered by an order dated 03.06.2019. The Resolution Professional (RP) managed the CIRP, including issuing public announcements, constituting the Committee of Creditors (COC), conducting meetings, and appointing registered valuers. Several extensions to the CIRP were granted. A resolution plan submitted by Longview Resources (HK) Limited was initially rejected, leading to a liquidation order, which was later set aside by NCLAT Chennai. The matter was remanded back to the Adjudicating Authority for approval of a resolution plan. The RP then

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## Facts

IDBI Bank Ltd initiated CIRP against Neueon Towers Ltd under Section 7 of IBC, 2016. The CIRP commenced on 03.06.2019. Dr. Madurai Sundaram Sankar was appointed as the Interim Resolution Professional (IRP). The COC was constituted on 24.06.2019, comprising nine financial creditors with aggregate claims of Rs. 3407,25,26,645-77. The first COC meeting was held on 01.07.2019, and the RP was appointed. A transaction audit was conducted by Rao & Rao. Longview Resources (HK) Limited submitted a resolution plan, which was initially rejected, leading to a liquidation order on 14.10.2021. NCLAT Chennai set aside the liquidation order on 12.06.2023 and remanded the matter for approval of the resolution plan. The RP initiated a fresh process for inviting resolution plans,

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Preca Solutions India Private Limited meets the …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The NCLT examined the resolution plan and found that it complied with the requirements of

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a resolution

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**Application:** The NCLT applied the provisions of Section 30(2) of the IBC to the resolution

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Neueon Towe…
- **Advocates:** B.Harinat…

## Timeline

- **2019-06-03 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2019-06-24 — COC Consti…**: Committee of Creditors (COC)…

## 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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