# In the matter of Infra Industries Limited IA No. 3034 of 2022 in CP No. (IB) 1739-(MB)-CV-IV- 2019

> NCLT judgment dated 2023-03-21. Citation: TCN-2023-NCLT-04132. The case pertains to an application filed under Section 30(6), 31, and 60(5) of the Insolvency…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/infra-industries-limited-ia-no-3034-of-2022-in-cp-no-ib-1739-mb-cv-iv-2019-934d4e08

## Summary

### Background

The case pertains to an application filed under Section 30(6), 31, and 60(5) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) seeking approval of the Resolution Plan submitted by Equator Financial Services Limited, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 12.12.2019 under section 9 of the IBC. Mr. Rajan Deshraj Agarwal was appointed as the Interim Resolution Professional (IRP) and later continued as the RP. The Committee of Creditors (CoC) comprised of Indian Overseas Bank as the sole member. The RP issued public announcements inviting claims from creditors and Expressions of Interest (EOI) from prospective resolution applicants. The Resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Infra Industries Limited by the NCLT Mumbai Bench on 12.12.2019. Mr. Rajan Deshraj Agarwal was appointed as the Interim Resolution Professional (IRP) and later continued as the RP. The Committee of Creditors (CoC) comprised of Indian Overseas Bank as the sole member. Public announcements were made to invite claims from creditors. Equator Financial Services Limited submitted a Resolution Plan, which was approved by 100% of the CoC members. The valuers determined the liquidation value as Rs. 3,46,53,333 and fair value as Rs. 4,35,59,268. The Resolution Plan proposed payments to secured financial creditors, unsecured financial creditors, and operational creditors. The Resolution Plan was submitted 12

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Equator Financial Services Limited complies with the …

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

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**Reasoning:** The NCLT found that the Resolution Plan met the requirements of Section 30(2) of the

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

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**Application:** The NCLT applied Section 30(2) to the specific details of the Resolution Plan,

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Infra Industries…

## Timeline

- **2019-12-12 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated…
- **2019-12-20 — Public Annou…**: The RP issued Form-A dated 20.12.2019 published on the website of the IBBI and made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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