# In the matter of Indu Projects Private Limited IA No.8 & 305 of 2023 in CP(IB) No. 372-7-HDB-2018

> NCLT judgment dated 2023-06-19. Citation: TCN-2023-NCLT-02875. Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private…

- **Court:** NCLT
- **Order date:** 19 Jun 2023
- **Citation:** TCN-2023-NCLT-02875
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indu-projects-private-limited-ia-no8-305-of-2023-in-cpib-no-372-7-hdb-2018-ffbb998a

## Summary

### Background

Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private Limited, filed an application seeking to implead itself as a respondent in IA No.305 of 2023 in CP No.372/7/HDB/2018. The corporate debtor, Indu Projects Limited, was admitted into CIRP on 2019-02-25. A resolution plan submitted by Earthin Projects Ltd was approved on 2021-10-01. Earthin Projects Ltd provided a bank guarantee, later amended, and remitted Rs.60 Crores as partial compliance with the resolution plan. Due to financial difficulties induced by COVID-19, Earthin Projects Ltd could not make the complete payment. The respondent filed an application seeking a fresh CIRP, which was initially allowed but later challenged by Earthin Projects Ltd before the NCLAT. The

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## Facts

Earthin Projects Ltd, in consortium with K. Ramachandra Rao Transmission & Projects Private Limited, sought to implead itself in IA No.305 of 2023 concerning the CIRP of Indu Projects Limited. The CIRP was initiated on 2019-02-25, and Earthin's resolution plan was approved on 2021-10-01. Earthin remitted Rs.60 Crores towards the plan but faced difficulties due to COVID-19. A fresh CIRP was initiated on 2022-09-05, which Earthin challenged. The NCLAT dismissed the challenge, and a Civil Appeal is pending before the Supreme Court. The RP filed an application under Section 30 of the IBC, 2016, for approval of a new resolution plan. Earthin was not impleaded in IA No.305 of 2023. Earthin had previously sought an extension for implementation, which was rejected, and the

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## Issues and analysis

### Issue 1: Whether the Applicant, Earthin Projects Ltd, has the locus standi to be impleaded as a respondent …

**Ratio:** An unsuccessful resolution applicant generally lacks the locus standi to challenge a

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**Reasoning:** The court reasoned that Earthin Projects Ltd had failed to implement its resolution plan

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**Interpretation:** The interpretation of 'locus standi' in the context of the IBC is that only

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**Application:** Since Earthin Projects Ltd failed to implement its resolution plan and did not

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## Parties

- **Judges:** TELAPROLU…; Shri. Chara…
- **Appellants:** Earthin Projects…
- **Respondents:** Indu Projec…; Indu Projects…

## Timeline

- **2019-02-25 — CIRP Init…**: Indu Projects Limited was…
- **2021-10-01 — Resolution Plan…**: The Resolution Plan submitted by Earthin…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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