# In the matter of Karaikal Port Private Limited IA(IBC)-1593(CHE)-2022 in CP(IB)-85(CHE)-2022

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03934. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karaikal-port-private-limited-iaibc-1593che-2022-in-cpib-85che-2022-96219534

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port Private Limited. The CIRP was initiated by the NCLT vide order dated 29.04.2022, following an application filed by Omkara Assets Reconstruction Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Rajesh Sureshchandra Sheth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) initially comprising Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited. Subsequently, Phoenix ARC Private Limited assigned its debt to Omkara Assets Reconstruction Private Limited, making the latter the sole member of the CoC. The RP prepared

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Karaikal Port Private Limited on 29.04.2022, based on an application by Omkara Assets Reconstruction Private Limited under Section 7 of the IBC. Rajesh Sureshchandra Sheth was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) initially comprised Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited, but later Omkara became the sole member after acquiring Phoenix's debt. The RP issued a 'Form - G' calling for Expression of Interest (EOI) and received five EOIs. Two resolution plans were submitted by Adani Port and SEZ Limited and Vedanta Limited. The CoC approved the resolution plan of Adani Ports and SEZ Limited with 100% voting share. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Adani Ports and SEZ Limited complies with the requirements …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the mandatory requirements that a resolution

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted to mean that the resolution plan must adhere to

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**Application:** The NCLT found that the Resolution Plan submitted by Adani Ports and SEZ

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Respondents:** Karaikal Port…; Rajesh Sureshchand…

## Timeline

- **2022-04-29 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Karaikal Port Private…
- **2022-05-02 — Public Annou…**: Public announcement made inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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