# In the matter of Gangakhed Sugar & Energy Ltd. IA-2083-2021 in C.P.(IB)-500(MB)-2019

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04564. This application was filed by the Resolution Professional on behalf of the Committee of…

- **Court:** NCLT
- **Order date:** 17 Feb 2023
- **Citation:** TCN-2023-NCLT-04564
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gangakhed-sugar-energy-ltd-ia-2083-2021-in-cpib-500mb-2019-9907d94c

## Summary

### Background

This application was filed by the Resolution Professional on behalf of the Committee of Creditors seeking approval of the Resolution Plan submitted by Six Sigma Investment Funds (SSIF) for the Corporate Debtor, which was approved by 81.74% of the CoC's voting share. The application also addresses other interlocutory applications related to claims, information requests, and provisional attachment orders.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) for Gangakhed Sugar & Energy Limited (Corporate Debtor) was initiated by an admission order dated October 10, 2019, following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by UCO Bank (Financial Creditor). Mr. Ankur Kumar was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on December 7, 2019. The IRP published a public announcement on October 16, 2019, inviting claims from various creditors, and the CoC was constituted on November 6, 2019. The Resolution Professional received resolution plans from M/s. Six Sigma Investment Funds (SSIF) and M/s. Twentyone Sugars Limited

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Six Sigma Investment Funds complies with the provisions of …

**Ratio:** A Resolution Plan approved by the Committee of Creditors with the requisite voting share,

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**Reasoning:** The NCLT found that the Resolution Plan provides for the payment of Insolvency Resolution

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**Interpretation:** The court interpreted Section 30(2) and Regulation 38 of the IBC and IBBI (IRP

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**Application:** The Resolution Plan of Six Sigma Investment Funds was found to meet all these

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## Parties

- **Judges:** KISHORE VEMULAPALL…; Prabhat…
- **Appellants:** Ankur K…; Ankur Kumar…; +1 more
- **Respondents:** Gangakhed Sugar &…; UCO B…; +1 more
- **Advocates:** Bindu Bhatia,…; For the Applicant(…

## Timeline

- **October 10, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **October 16, 2019 — Public Annou…**: The IRP published a public announcement in…

## 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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