# Approval of Resolution Plan - Prithvi Multiprupose Cold Storage Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02301. The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Prithvi…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02301
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-prithvi-multiprupose-cold-storage-private-limited-0dadfa81

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s Prithvi Multipurpose Cold Storage Private Limited. The CIRP was initiated by United Bank of India (now Punjab National Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted by the Adjudicating Authority on 28.08.2019, and an Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional (RP). Liquidation proceedings were initiated on 16.03.2021, and the RP was appointed as the Liquidator. Several applications were filed, including IA(IBC) Plan No. 03/JPR/2024 by the Liquidator seeking approval of a Resolution Plan, IA (IBC) No. 597/JPR/2022 and IA (IBC) No. 102/JPR/2023 filed by Mr. Punam Sirohia, erstwhile

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## Facts

The Corporate Debtor, M/s Prithvi Multipurpose Cold Storage Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by United Bank of India (now Punjab National Bank) due to financial default. The CIRP was triggered under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed and later confirmed as the Resolution Professional (RP). The RP initiated liquidation proceedings after previous resolution attempts failed. A Stakeholders Consultation Committee (SCC) was formed, comprising representatives of the financial creditor (Punjab National Bank) and other stakeholders. The Corporate Debtor, being an MSME unit, was given an opportunity to submit a fresh Resolution Plan. The RP filed a list

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Suspended Board of the Corporate Debtor complies with …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, provides that the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the submissions of the parties, the compliance of

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** The Adjudicating Authority applied the ratio of Section 31(1) to the facts of

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** United Bank of…
- **Respondents:** M/S Prithvi…

## Timeline

- **2019-08-28 — CIRP Init…**: Application admitted by the Adjudicating Authority, initiating the Corporate Insolvency…
- **2021-03-16 — Liquidation Proceedings…**: Liquidation proceedings were initiated, and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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