# 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-03897. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03897
- **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-2022-9679ee4f

## 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 issued a

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## Facts

1. The Corporate Insolvency Resolution Process (CIRP) was initiated for Karaikal Port Private Limited on 29.04.2022 by the NCLT, following an application by Omkara Assets Reconstruction Private Limited under Section 7 of the IBC, 2016.
2. Rajesh Sureshchandra Sheth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
3. The Committee of Creditors (CoC) initially comprised Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited. Phoenix ARC Private Limited later assigned its debt to Omkara Assets Reconstruction Private Limited, making the latter the sole member of the CoC.
4. The RP issued a 'Form - G' calling for Expression of Interest (EOI) and received five EOIs.
5. Two Resolution Plans

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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 reviewed the Resolution Plan to ensure that it complied with

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**Interpretation:** Section 30(2) of the IBC, 2016, sets out the minimum standards that a

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Adani

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## Parties

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

## Timeline

- **2022-04-29 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT vide order…
- **2022-05-02 — Public Annou…**: Public announcement in Financial Express Business Standard and Daily Thanthi (English) as…

## 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)

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