# In the matter of Haryana Telecom Limited IA No.823-2020 In CP (IB) No.515-Chd-Chd-2019

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03834. The case involves an application filed by the Resolution Professional of Haryana Telecom…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/haryana-telecom-limited-ia-no823-2020-in-cp-ib-no515-chd-chd-2019-7132c1fb

## Summary

### Background

The case involves an application filed by the Resolution Professional of Haryana Telecom Limited under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against Haryana Telecom Limited following a petition filed by Parivartan Investment and Finance Company, a financial creditor. The resolution plan was approved by the Committee of Creditors (CoC) with a 100% voting share. The application was reserved for orders on 29.03.2023.

## Facts

Parivartan Investment and Finance Company initiated Corporate Insolvency Resolution Process (CIRP) against Haryana Telecom Limited. Mr. Sanyam Goel was appointed as the Resolution Professional. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution plan. A public announcement was made inviting claims from creditors. The Resolution Professional received five Expressions of Interest (EOIs) and shortlisted three prospective resolution applicants. The CoC approved the resolution plan of Mr. Abhimanyu Singh Mehlawat with 100% voting share. The Resolution Professional filed an application with the NCLT for approval of the resolution plan. The resolution plan proposed a total amount of Rs. 25,14,02,128/- to be paid to various

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Abhimanyu Singh Mehlawat for Haryana Telecom Limited …

**Ratio:** Section 31 of the Insolvency and Bankruptcy Code, 2016, provides for the approval of a

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Resolution

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**Interpretation:** Section 31 mandates that the Adjudicating Authority must be satisfied that the

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**Application:** In this case, the Adjudicating Authority found that the resolution plan

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Parivartan…
- **Respondents:** Haryana Telecom…

## Timeline

- **2019-01-01 — CP (IB) No.515/Chd/Chd/2…**: Company Petition filed by the Financial creditor-Parivartan Investment and Finance…
- **2020-02-07 — Admission in…**: Corporate debtor admitted into the Corporate Insolvency Resolution Process ('CIRP') vide…

## 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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