# In the matter of Eternal Motors Private Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01645. The case pertains to an application filed by Mr. Jigar Tarunkumar Bhatt, the Resolution…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01645
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eternal-motors-private-limited-a9f53e4c

## Summary

### Background

The case pertains to an application filed by Mr. Jigar Tarunkumar Bhatt, the Resolution Professional (RP) of Eternal Motors Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking a liquidation order for the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the Code on 2022-08-10. The IRP, Mr. Manish Santosh Buchasia, was appointed and subsequently replaced by the applicant, Mr. Jigar Tarunkumar Bhatt, as the RP. The CIRP involved various steps, including public announcement, constitution of the Committee of Creditors (CoC), appointment of valuers, and invitation of resolution plans. Despite these efforts, no viable resolution plan was

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Eternal Motors Private Limited after the admission of a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC) on 2022-08-10. Mr. Manish Santosh Buchasia was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Jigar Tarunkumar Bhatt as the Resolution Professional (RP). During the CIRP, the IRP made a public announcement on 2022-08-16, inviting claims from creditors, with a deadline of 2022-08-30. The IRP constituted a Committee of Creditors (CoC). Registered valuers were appointed to determine the liquidation value and fair value of the Corporate Debtor's assets. The CoC, in its second meeting, resolved to appoint the applicant as the RP. An

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Bhavesh Pravinchandra Shah & Kiritkumar Pranlal …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the conditions that

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**Reasoning:** The Adjudicating Authority observed that the resolution plan submitted by Bhavesh

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**Interpretation:** Section 30(2) is interpreted strictly to ensure that resolution plans meet the

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**Application:** In this case, the resolution plan's failure to meet the conditions of Section

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## Parties

- **Judges:** SHAMMI…; KAUSHALENDRA…
- **Appellants:** Jigar Tarunkumar…
- **Respondents:** Eternal Motors…

## Timeline

- **2022-08-10 — Admission of…**: The Adjudicating Authority admitted the Petition under section 10 of the Code, filed by…
- **2022-08-16 — Public Announcement of…**: The IRP made public announcement of CIRP of the Corporate Debtor for inviting submission…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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