# In the matter of Diamond Engineering (Chennai) Pvt. Ltd. IA-1266-IB-2020 ,  IA(IBC)-310(CHE)2022 in MA-936-2019 in CP-507-IB-2017

> NCLT judgment dated 2022-05-30. Citation: TCN-2022-NCLT-02539. The case involves an application (IA(IBC)/310(CHE)/2022) filed by the successful resolution…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-02539
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/diamond-engineering-chennai-pvt-ltd-ia-1266-ib-2020-iaibc-310che2022-in-ma-936-2-643398bb

## Summary

### Background

The case involves an application (IA(IBC)/310(CHE)/2022) filed by the successful resolution applicants of Diamond Engineering (Chennai) Private Limited ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking modifications to a previously approved resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by an Operational Creditor under Section 9 of IBC, 2016. A resolution plan was approved on 30.09.2019, requiring the successful resolution applicants (including Anacap Financial Partners LLP and the promoters of the Corporate Debtor) to pay Rs.156.78 Crore to the financial creditors within 45 days. Axis Bank, a financial creditor, filed IA/1266/2020

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## Facts

Diamond Engineering (Chennai) Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. A resolution plan was approved on 30.09.2019, requiring the successful resolution applicants, including Anacap Financial Partners LLP (Financial Sponsor) and the promoters of the Corporate Debtor, to pay Rs.156.78 Crore to the financial creditors within 45 days, i.e., by 15.11.2019. Anacap Financial Partners LLP was to infuse Rs. 145 Crore, and the promoters were to contribute Rs. 11.78 Crore. Axis Bank, a financial creditor, filed IA/1266/2020 seeking liquidation due to the failure of the resolution applicants to adhere to the resolution plan. State Bank of India (SBI),

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## Issues and analysis

### Issue 1: Whether the present IA's more particularly IA No. 310/2022 seeking modification of resolution plan …

**Ratio:** The Adjudicating Authority's power to modify an approved resolution plan is limited,

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**Reasoning:** The Adjudicating Authority noted that the proposed modifications, including replacing the

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**Interpretation:** The interpretation of the IBC, 2016, emphasizes the importance of adhering to

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**Application:** The Adjudicating Authority applied the ratio to the facts of the case, noting

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** P. Moha…
- **Respondents:** DIAMOND ENGINEERIN…; V. Mahesh-Resoluti…

## Timeline

- **2017-06-06 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor via…
- **2019-09-30 — Approval of Resolution…**: Resolution Plan approved by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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