# In the matter of Kannu Aditya (India) Ltd. IA No. 4984 (PB)-2021 in CP (IB) No. 1275(PB) 2018

> NCLT judgment dated 2022-10-21. Citation: TCN-2022-NCLT-00640. The case pertains to an application under sections 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Oct 2022
- **Citation:** TCN-2022-NCLT-00640
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kannu-aditya-india-ltd-ia-no-4984-pb-2021-in-cp-ib-no-1275pb-2018-3c73108a

## Summary

### Background

The case pertains to an application under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Kannu Aditya (India) Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by State Bank of India under Section 7 of the IBC. The Adjudicating Authority admitted the petition on 22.05.2019, marking the Insolvency Commencement Date. Anil Kohli was appointed as the IRP and later confirmed as the RP.

## Facts

State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Kannu Aditya (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 22.05.2019. Anil Kohli was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 29.05.2019, inviting claims from creditors. The Committee of Creditors (CoC) was formed with State Bank of India and Punjab National Bank as financial creditors. The RP received 3 EoIs initially and later 5 EoIs after a revised Form G was published. Kendriya Bhandar proposed a resolution plan of Rs. 121.50 Crores, which was initially rejected. Kendriya Bhandar filed an affidavit committing to meet lender

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Kendriya Bhandar complies with the requirements of …

**Ratio:** Sections 30 and 31 of the IBC mandate that a resolution plan must comply with specific

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it addressed the

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that resolution plans

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 of the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Kannu Aditya…; Kendriya B…

## Timeline

- **2018-01-01 — CP (IB) No.1275…**: Company Petiti…
- **2019-05-22 — Admission…**: Petition admitted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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