# In the matter of Cleanopolis Energy Systems India Pvt. Ltd. IA (IBC) No.66-GB-2O21 in C.P. (IBfNo.7-GB-2021

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03562. The case pertains to the approval of a resolution plan for Cleanopolis Energy Systems India…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cleanopolis-energy-systems-india-pvt-ltd-ia-ibc-no66-gb-2o21-in-cp-ibfno7-gb-202-5e61f651

## Summary

### Background

The case pertains to the approval of a resolution plan for Cleanopolis Energy Systems India Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Code. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC), consisting of financial creditors, was constituted. The RP presented the fair value and liquidation value of the company's assets. The RP received Expression of Interests (EOIs) from prospective resolution applicants. The CoC decided to follow the Swiss channel method

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## Facts

Cleanopolis Energy Systems India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after an application was admitted under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made public announcements inviting claims from creditors. The Committee of Creditors (CoC), consisting of financial creditors, was constituted. The RP provided the fair value and liquidation value of the company's assets. The CoC met eleven times during the CIRP. The CoC decided to follow the Swiss channel method for bidding. Mr. Ikramul Majid in consortium with Kalpa Infinity Ventures LLP & Amit Jain (CONSORTIUM) submitted a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Ikramul Majid's consortium meets the requirements of …

**Ratio:** Section 31 of the IBC states that if the Adjudicating Authority (NCLT) is satisfied that

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**Reasoning:** The NCLT reviewed the resolution plan and found that it complied with the criteria

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**Interpretation:** The interpretation of Section 31 r/w Section 30(2) requires the Adjudicating

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**Application:** In this case, the NCLT found that the resolution plan met the requirements of

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## Parties

- **Judges:** RohitKa…; Prasanta Kumar…
- **Appellants:** Amit Pa…
- **Respondents:** Cleanopolis…

## Timeline

- **2021-04-07 — Application A…**: Tribunal admitted the application filed…
- **2021-04-10 — Public Annou…**: Public announcement inviting claims from creditors, workmen, and other stakeholders of…

## 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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