# 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-04070. The case involves IA (IBC) 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-04070
- **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-eb20d6fb

## Summary

### Background

The case involves IA (IBC) 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 Resolution Professional sought approval of the resolution plan submitted by Resolution Applicants 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.

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## 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 petition was admitted on 08.03.2022, and CIRP was commenced. An Interim Resolution Professional (IRP) was appointed, who continued as Resolution Professional. A public announcement was made 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, with a deadline of 02.06.2022. The Resolution Professional received 3 EOIs. The 5th CoC meeting was

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## Issues and analysis

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

**Ratio:** Section 30(6) of the IBC mandates the Resolution Professional to submit the resolution

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**Reasoning:** The court considered the submissions of the Resolution Professional and reviewed the

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

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**Application:** The court applied the provisions of Section 30(2) of the IBC and the relevant

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## Parties

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

## Timeline

- **2022-03-08 — Admission of…**: The main petition filed by Operational Creditor M/s.Tecno Craft u/s 9 of IBC, 2016 was…
- **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 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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