# In the matter of Chinttpurni Engineering Works Private Limited IA No.144-2022 in C.P. (IB)-366-ALD- 2019

> NCLT judgment dated 2023-05-12. Citation: TCN-2023-NCLT-03404. The case involves an application under Section 30(6) R/w Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 May 2023
- **Citation:** TCN-2023-NCLT-03404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chinttpurni-engineering-works-private-limited-ia-no144-2022-in-cp-ib-366-ald-201-f5086868

## Summary

### Background

The case involves an application under Section 30(6) R/w Section 31 of the Insolvency and Bankruptcy Code, 2016 R/w Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application seeks approval of a resolution plan for Chinttpurni Engineering Works Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by M/s Aglow Engineers under Section 9 of the Code. The Adjudicating Authority admitted the petition on 14.02.2020, appointing Mr. Kashi Viswanatham Sivaraman as the Interim Resolution Professional (IRP). Subsequently, Mr. Anuj Kumar Tiwari was appointed as the Resolution Professional (RP).

## Facts

M/s Aglow Engineers filed a Company Petition CP (IB) No.366/ALD/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Chinttpurni Engineering Works Private Limited, the Corporate Debtor. The petition was admitted on 14.02.2020, marking the Insolvency Commencement Date. Mr. Kashi Viswanatham Sivaraman was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anuj Kumar Tiwari as the Resolution Professional (RP). A public announcement was made on 17.02.2020, inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted on 09.03.2020, comprising Punjab National Bank (52.2% voting share) and Indian Bank (47.8% voting share). The total

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Aditri Agro Infratech Pvt. Ltd. complies with the …

**Ratio:** The Resolution Plan must comply with Sections 30 and 31 of the IBC, including provisions

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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 outline the process for approval of a resolution

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**Application:** The Adjudicating Authority determined that the Resolution Plan submitted by

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** Chinttpurni…

## Timeline

- **2018-01-01 — Filing of Company…**: M/s Aglow Engineers filed Company Petition CP (IB) No.366/ALD/2018 under Section 9 of the…
- **2020-02-14 — Admission of…**: The Adjudicating Authority admitted the petition, marking the Insolvency Commencement…

## 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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