# In the matter of IGOPL Offshore Private Limited IA-2192-2021 In C.P.(IB)-918(MB)2020

> NCLT judgment dated 2022-11-11. Citation: TCN-2022-NCLT-00476. The case involves an application for approval of a resolution plan for IGOPL Offshore Private…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/igopl-offshore-private-limited-ia-2192-2021-in-cpib-918mb2020-8b6c7bf0

## Summary

### Background

The case involves an application for approval of a resolution plan for IGOPL Offshore Private Limited, a corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the resolution plan in its 8th meeting with a 100% majority. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-11-15 after the corporate debtor filed a petition under Section 10 of the Code. Bhavesh Rathod was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The IRP invited claims from creditors and constituted a CoC with six financial creditors. The Resolution Professional received resolution plans from two applicants, Jai Kishan Thappa and Jubilant Enpro Private Limited, and the

…

## Facts

IGOPL Offshore Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after admitting a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). Bhavesh Rathod was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with six financial creditors. The RP received resolution plans from Jai Kishan Thappa and Jubilant Enpro Private Limited. The CoC approved the resolution plan of Jubilant Enpro Private Limited with 100% voting share in its 8th meeting. The fair value of the company was Rs. 33.16 Crore and the liquidation value was Rs. 22.87 Crore. The resolution plan involved a total consideration of INR 24 Crores, with allocations for secured and unsecured financial creditors, employees, and operational

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Jubilant Enpro Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the mandatory

…

**Reasoning:** The tribunal examined the Resolution Plan to ensure it complied with the mandatory

…

**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards a resolution

…

**Application:** The tribunal found that the Resolution Plan complied with Section 30(2) as the

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Bhavesh R…
- **Respondents:** IGOPL Offshore…

## Timeline

- **2021-11-15 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated for IGOPL Offshore Private…
- **2021-02-17 — Confirmation of IRP as…**: Interim Resolution Professional (IRP) was confirmed as the Resolution Professional (RP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

---

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/igopl-offshore-private-limited-ia-2192-2021-in-cpib-918mb2020-8b6c7bf0