# In the matter of Delhi Control Devices Pvt.  Ltd. CA No. 2891(PB)2019, IA (IB) No 2101 & 3814 (PB)-2020 & IA No. 380 (PB) 2021 in CP (IB) No. 1567(PB)-2018

> NCLT judgment dated 2022-09-28. Citation: TCN-2022-NCLT-00919. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Delhi Control…

- **Court:** NCLT
- **Order date:** 28 Sept 2022
- **Citation:** TCN-2022-NCLT-00919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/delhi-control-devices-pvt-ltd-ca-no-2891pb2019-ia-ib-no-2101-3814-pb-2020-ia-no-a9278c4c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Delhi Control Devices Private Limited. National Products initiated the CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CIRP was initiated after the corporate debtor defaulted on its debt obligations. An initial settlement attempt failed, leading to the revival of the CIRP. Ashok Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then invited Expression of Interest (EOI) for resolution plans. The resolution plan submitted by Statcon Electronics India Limited was approved by the Committee of Creditors (CoC) with a majority of 80.60% voting share. The Adjudicating Authority is now

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## Facts

National Products filed a petition under Section 9 of the IBC to initiate CIRP against Delhi Control Devices Private Limited due to unpaid debts. The CIRP commenced on February 15, 2019. Ashok Kumar Gupta was appointed as the IRP and later confirmed as the RP. The RP made a public announcement on July 11, 2019, inviting claims from creditors. The RP received claims from financial creditors, operational creditors, workmen & employees, and government dues. The total claims amounted to ₹229.53 Lakhs, out of which ₹221.65 Lakhs were admitted. The CoC held twenty-four meetings during the CIRP period. The RP invited Expression of Interest (EOI) for resolution plans, and three EOIs were received. Statcon Electronics India Limited and M/s Sunrise Industries submitted

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Statcon Electronics India Limited complies with the …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complies with

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**Interpretation:** Section 30(2) of the IBC is interpreted to mean that a resolution plan must

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

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** National Pr…
- **Respondents:** Delhi Control…

## Timeline

- **2019-02-15 — Admission…**: The Company Petition CP (IB) No.1567(PB)2018…
- **2019-02-15 — Insolvency Commencement…**: Insolvency Commencement Date for Delhi…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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