# Approval of Resolution Plan- Primuss Pipes & Tubes Limited

> NCLT judgment dated 2024-06-04. Citation: TCN-2024-NCLT-01237. The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Jun 2024
- **Citation:** TCN-2024-NCLT-01237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-primuss-pipes-tubes-limited-b4369d99

## Summary

### Background

The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, for approval of the Resolution Plan of M/s Primuss Pipes & Tubes Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, M/s Primuss Pipes & Tubes Ltd., based on a petition filed by M/s Anjali Capfin Pvt. Ltd. under Section 7 of the Code. The CIRP commenced on 13.06.2022. The Resolution Professional (RP), Mr. Sanyam Goel, conducted several Committee of Creditors (CoC) meetings to evaluate and vote on the resolution plans submitted by prospective resolution applicants (PRAs).

## Facts

M/s Anjali Capfin Pvt. Ltd. filed a Company Petition CP (IB) No.7/ALD/2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Primuss Pipes & Tubes Ltd. The petition was admitted on 13.06.2022, marking the Insolvency Commencement Date. Mr. Sanyam Goel was appointed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) comprising financial creditors such as Anjali Capfin Private Limited, Bank of Baroda, and Kotak Mahindra Bank. The CoC held several meetings to evaluate resolution plans. Initially, two prospective resolution applicants (PRAs), Unicon Buildtech and Pioneer Engineering Industries, submitted resolution plans. However, these plans were

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Pioneer Engineering Industries complies with the …

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

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that a resolution plan

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 to the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** M/S PRIMUSS PIPES…

## Timeline

- **2021-01-01 — Company Petiti…**: M/s Anjali Capfin Pvt. Ltd. filed Company Petition CP (IB) No.7/ALD/2021 under Section 7…
- **2022-06-13 — CIRP Commencem…**: The petition was admitted, marking…

## 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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