# 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-00627. The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Oct 2022
- **Citation:** TCN-2022-NCLT-00627
- **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-2018-9a2282f4

## Summary

### Background

The case pertains to an application filed 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 Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted twenty-three CoC meetings, invited Expression of

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## 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, 2016. The petition was admitted on 22.05.2019, marking the commencement of CIRP. 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 RP received claims from financial and operational creditors. The Committee of Creditors (CoC) was constituted with State Bank of India and Punjab National Bank as the financial creditors. The RP conducted twenty-three CoC meetings. Invitations for Expression of Interest (Eols) were issued, and Kendriya Bhandar (Central

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Kendriya Bhandar complies with the requirements of Section …

**Ratio:** Section 30(2) of the IBC and Regulation 38(1) of the CIRP Regulations outline the

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it met the requirements

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**Interpretation:** Section 30(2) and Regulation 38(1) are interpreted to ensure that resolution

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Kendriya

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Kannu Aditya…; Kendriya B…
- **Advocates:** Abhishek…; Karan K…; +7 more

## Timeline

- **2018-01-01 — CP (IB) No.1275…**: Filing of Company…
- **2019-05-22 — Admission…**: The Adjudicating Authority…

## 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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