# In the matter of Innovative Tyres & Tubes Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03162. The case involves an application (IA No./1290(AHM)2023 in C.P.(IB)/261(AHM)2021) filed under…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03162
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/innovative-tyres-tubes-limited-1a67f04e

## Summary

### Background

The case involves an application (IA No./1290(AHM)2023 in C.P.(IB)/261(AHM)2021) filed under Rule 11 of the NCLT Rules, 2016, seeking modification of an order dated 09.08.2023, which had approved a resolution plan for the Corporate Debtor, Innovative Tyres and Tubes Limited. The application was filed on 02.11.2023. The applicant, Abhishek Nagori, is the Chairperson & Member of the Monitoring Committee of the Corporate Debtor. The modification sought pertains to the stipulation of cancellation of equity share capital of the promoter shareholders and reduction of equity share capital of the public shareholders. The resolution plan was initially approved in IA 260 of 2023. The need for modification arose because of a mismatch between the actual shareholding of the

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## Facts

BBM Impex Private Limited filed an application u/s. 9 of the IB Code vide CP(IB) No.261 of 2021, which was admitted on 28.3.2022, initiating CIRP for Innovative Tyres and Tubes Limited. Abhishek Nagori was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was constituted on 19.04.2022, and the first meeting was held on 26.4.2022, confirming Abhishek Nagori as the Resolution Professional. The 12th CoC meeting on 31.12.2022 approved a revised resolution plan submitted by opponent no.2. IA 260 of 2023 was filed seeking approval of the Resolution Plan, which was approved on 9.8.2023. The Corporate Debtor is a public listed company. As per the approved resolution plan, the share capital was to be reorganized, with the promoter's shares

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Abhishek…
- **Respondents:** Innovative Tyres…; Committee of…

## Timeline

- **2021-01-01 — Application u/s 9 of IB…**: BBM Impex Private Limited filed an application u/s. 9 of the IB Code vide CP(IB) No.261…
- **2022-03-28 — CIRP Commen…**: The application filed by BBM Impex Private…

## 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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