# 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-00637. 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-00637
- **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-aa9bb06c

## 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 following a petition filed by State Bank of India under Section 7 of the IBC. The resolution professional (RP) was appointed and the Committee of Creditors (CoC) was constituted. The RP invited expressions of interest and subsequently received a resolution plan from Kendriya Bhandar, which was approved by the CoC with a majority of 97.16% voting share. The application for

…

## 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 (IBC). Anil Kohli was appointed as the Resolution Professional (RP). Public announcement was made on 2019-05-29, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with State Bank of India and Punjab National Bank as financial creditors. The RP received three Expressions of Interest (EOIs) initially and later five more after revising Form G. Kendriya Bhandar submitted a resolution plan, which was approved by the CoC with 97.16% voting share. Punjab National Bank (PNB) raised objections to the resolution plan, citing unequal distribution of funds to secured creditors. The

…

## Issues and analysis

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

**Ratio:** Sections 30(2) and 31(1) of the Insolvency and Bankruptcy Code, 2016, along with

…

**Reasoning:** The Adjudicating Authority reviewed the resolution plan to ensure that it met the

…

**Interpretation:** The IBC requires that a resolution plan must adhere to specific legal and

…

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

…

## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** State Bank of…
- **Respondents:** Kannu Aditya…; Kendriya B…

## Timeline

- **2018-01-01 — CP (IB) No.1275…**: Underlying Company Petition filed by State…
- **2019-05-29 — Public Annou…**: Public announcement was made in Business Standard (English) and Rashtriya Jansatta…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: 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-aa9bb06c