# In the matter of Basu & Co. Road Contractors Private Limited IA (IB) No. 64-KB-2022 In C.P. (IB) No. 2050-KB-2019

> NCLT judgment dated 2022-06-16. Citation: TCN-2022-NCLT-02208. The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 16 Jun 2022
- **Citation:** TCN-2022-NCLT-02208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/basu-co-road-contractors-private-limited-ia-ib-no-64-kb-2022-in-cp-ib-no-2050-kb-0c91f932

## Summary

### Background

The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, for the approval of a resolution plan submitted for Basu & Co. Road Contractors Private Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by Modtech Tradecom Private Limited, an operational creditor, against Basu & Co. Road Contractors Private Limited, the corporate debtor. The resolution professional (RP), Arun Kumar Gupta, filed the application after the Committee of Creditors (CoC) approved the resolution plan. The CIRP involved public announcements, invitation of claims from creditors, constitution of the CoC, and evaluation of resolution plans. Several extensions were sought for submission of the

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## Facts

Modtech Tradecom Private Limited initiated CIRP against Basu & Co. Road Contractors Private Limited due to unpaid operational debt. Ananda Rao Korada was initially appointed as Interim Resolution Professional (IRP), later replaced by Arun Kumar Gupta. Public announcement led to 2 financial creditor claims and 13 operational creditor claims. The CoC comprised HDFC Bank Limited and IndusInd Bank Limited. Eleven CoC meetings were held. Form G was issued inviting Expressions of Interest (EOI), resulting in 9 interested parties, of which 3 submitted EOI documents. The RP received requests for extensions to submit resolution plans. An Expression of Interest was received from a consortium of Mr. N Navaneeth and Sowmiya Constructions after the initial deadline, which was

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by BJD Engineers India Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The NCLT reviewed the resolution plan and found that it adequately addressed the payment

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**Interpretation:** Section 30(2) ensures that the resolution plan prioritizes the CIRP costs and

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**Application:** The NCLT determined that the resolution plan submitted by BJD Engineers India

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Modtech Tradecom…
- **Respondents:** Basu & Co Road…

## Timeline

- **2019-01-01 — Company Pe…**: C.P. (IB) No.…
- **2020-02-19 — Order Da…**: Order dated 19 February, 2020 in CP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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