# In the matter of G.R. Cables Limited IA(IBC) No. 1368 of 2022 in CP (IB) No. 165-9-HDB-2020

> NCLT judgment dated 2023-03-24. Citation: TCN-2023-NCLT-04054. The case pertains to IA No. 1368/2022 filed in CP(IB) No. 165/9/HDB/2020 under Section 30(6) &…

- **Court:** NCLT
- **Order date:** 24 Mar 2023
- **Citation:** TCN-2023-NCLT-04054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gr-cables-limited-iaibc-no-1368-of-2022-in-cp-ib-no-165-9-hdb-2020-43d2a397

## Summary

### Background

The case pertains to IA No. 1368/2022 filed in CP(IB) No. 165/9/HDB/2020 under Section 30(6) & 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application sought approval of the resolution plan submitted by Mr. Ratakonda Vivek Kumar jointly with Srinivas Pagadala, which was approved by the Committee of Creditors (CoC) with 100% voting. The main petition was filed by Operational Creditor M/s. Tecno Craft under Section 9 of IBC, 2016, and was admitted on 08.03.2022, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Applicant, G.R. Cables Ltd. An Interim Resolution

…

## Facts

M/s. Tecno Craft, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against G.R. Cables Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The application was admitted on 08.03.2022. An Interim Resolution Professional (IRP) was appointed, who continued as Resolution Professional (RP). The IRP made a public announcement on 12.03.2022 inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 01.04.2022. The first CoC meeting was held on 09.04.2022, where the IRP was appointed as RP. Form-G was issued on 18.05.2022 inviting Expression of Interest (EOI) from prospective resolution applicants. The last date for submission of EOI was 02.06.2022. The RP received 3 EOIs. The 5th CoC meeting was held on

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Ratakonda Vivek Kumar, jointly with Srinivas Pagadala, …

**Ratio:** Section 31(1) of the IBC, 2016, provides that if the Adjudicating Authority is satisfied

…

**Reasoning:** The court considered the commercial wisdom of the CoC, which had approved the resolution

…

**Interpretation:** The Adjudicating Authority's role is primarily to ensure that the resolution

…

**Application:** The court found that the resolution plan had been approved by the CoC with 100%

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Techno…
- **Respondents:** G.R. Cabl…

## Timeline

- **2022-03-08 — Admission of Section 9…**: The application filed by Operational Creditor M/s. Tecno Craft under Section 9 of IBC,…
- **2022-03-12 — Public Annou…**: Public announcement in Form-A was made by IRP inviting claims from the creditors 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gr-cables-limited-iaibc-no-1368-of-2022-in-cp-ib-no-165-9-hdb-2020-43d2a397