# In the matter of Bartronics India Limited I.A. No. 68 of 2021 in C.P. (IB) No. 375-7-HDB-2019

> NCLT judgment dated 2022-03-10. Citation: TCN-2022-NCLT-03815. The case involves an application (I.A. No. 68/2021) filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 10 Mar 2022
- **Citation:** TCN-2022-NCLT-03815
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bartronics-india-limited-ia-no-68-of-2021-in-cp-ib-no-375-7-hdb-2019-54d3af39

## Summary

### Background

The case involves an application (I.A. No. 68/2021) filed by the Resolution Professional under Section 30(6) r/w regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 & Rule 11 of NCLT Rules, 2016, seeking approval of the resolution plan of Antanium India Private Limited (Resolution Applicant). The main petition was filed by Indian Bank under Section 7 of the IBC, 2016, and was admitted by the Adjudicating Authority on 02.12.2019, initiating CIRP against M/s Bartronics India Limited, the Corporate Debtor. Public announcement in Form-A was made by the Interim Resolution Professional (IRP) on 05.12.2019, inviting claims from creditors.

## Facts

The Corporate Debtor, M/s Bartronics India Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Indian Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commencement was ordered on 02.12.2019. An Interim Resolution Professional (IRP) was appointed, who later continued as the Resolution Professional (RP). A public announcement was made on 05.12.2019, inviting claims from creditors. The RP constituted a Committee of Creditors (CoC) comprising financial creditors. The CoC included Andhra Bank, Invent Assets Securitisation & Reconstruction Pvt Ltd, IDBI Bank, LIC of India, Paisalo Digital Limited, and Indian Bank. The RP invited Expression of Interest (EOI) from prospective resolution applicants. The last date

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Antanium India Private Limited meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan to ensure compliance with Section

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The NCLT found that the resolution plan satisfies the requirements of Section

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## Parties

- **Judges:** N. Venkata…; Veera Brahma Rao…
- **Appellants:** Chinnam Poorna…
- **Respondents:** M/s Bartronics…

## Timeline

- **2019-12-02 — Admission of Petition…**: The Adjudicating Authority admitted the petition filed by Indian Bank under Section 7 of…
- **2019-12-05 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## 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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