# In the matter of Innovative Tyres & Tubes Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03173. The applicant, Chairperson of the Monitoring Committee, filed an application under Rule 11 of…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03173
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/innovative-tyres-tubes-limited-1f7d2802

## Summary

### Background

The applicant, Chairperson of the Monitoring Committee, filed an application under Rule 11 of NCLT Rules, 2016, seeking to modify an order dated August 9, 2023, which approved the resolution plan for the Corporate Debtor. The modification sought relates to the cancellation of equity share capital of promoter shareholders and reduction of equity share capital of public shareholders due to discrepancies found after the plan's approval.

## Facts

BBM Impex Private Limited filed an application under section 9 of the IB Code, leading to the commencement of CIRP against the Corporate Debtor, Innovative Tyres and Tubes Limited, by an order dated March 28, 2022. Abhishek Nagori was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on April 26, 2022. The CoC, in its 12th meeting on December 31, 2022, approved the revised resolution plan submitted by M/s Ten on Ten Rubtech Private Limited (Opponent No. 2). Subsequently, the Adjudicating Authority approved this resolution plan via an order dated August 9, 2023. The Corporate Debtor is a public listed company, and its shares are traded on the National Stock Exchange Limited.

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## Issues and analysis

### Issue 1: Whether the approved Resolution Plan should be modified to cancel the equity share capital of …

**Ratio:** An application for modification of an approved resolution plan must be supported by

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**Reasoning:** The Tribunal found that the applicant failed to provide sufficient evidence, such as

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**Interpretation:** The court interpreted **Rule 11** of the NCLT Rules, 2016, to require

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**Application:** Given the absence of crucial evidence and details regarding the shareholding

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Abhishek…; Chairperson &…; +1 more
- **Respondents:** Innovative Tyres…; Committee of…; +3 more
- **Advocates:** Mr Navin…; Ravi P…; +1 more

## Timeline

- **March 28, 2022 — CIRP Commen…**: Application under section 9 of the IB Code admitted, commencing CIRP against the…
- **April 19, 2022 — CoC Consti…**: Committee of Creditors…

## 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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