# In the matter of KND Engineering Technologies Limited IA (IB) No. 633-KB-2021 in CP (IB) No. 455-KB-2018

> NCLT judgment dated 2022-06-08. Citation: TCN-2022-NCLT-02321. The case involves an application filed by Allahabad Bank (now Indian Bank after amalgamation)…

- **Court:** NCLT
- **Order date:** 8 Jun 2022
- **Citation:** TCN-2022-NCLT-02321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/knd-engineering-technologies-limited-ia-ib-no-633-kb-2021-in-cp-ib-no-455-kb-201-3a4b429a

## Summary

### Background

The case involves an application filed by Allahabad Bank (now Indian Bank after amalgamation) under section 33(3) read with section 74(3) and section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of KND Engineering Technologies Limited. The CIRP was initiated based on an application by Subrata Sarkar under section 9 of the Code. A resolution plan submitted by PND Infrastructure Private Limited was approved by the Committee of Creditors (CoC). However, the applicant alleges a breach of the approved resolution plan by the respondent, leading to the current application seeking liquidation of the corporate debtor.

## Facts

Subrata Sarkar initiated CIRP against KND Engineering Technologies Limited, leading to the approval of a resolution plan submitted by PND Infrastructure Private Limited. The resolution plan outlined specific payments to secured financial creditors, unsecured financial creditors, operational creditors, and public shareholders. Allahabad Bank (now Indian Bank) filed an application alleging a breach of the resolution plan. The resolution applicant, PND Infrastructure Private Limited, failed to make payments as per the plan, citing a litigation with Fab Leathers Limited and the impact of the Covid-19 pandemic. The applicant claims the respondent's actions violate the resolution plan, warranting liquidation. The respondent argues that the pandemic caused a drop in property

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## Issues and analysis

### Issue 1: Whether the successful Resolution Applicant …

**Ratio:** Section 33(3) of the Insolvency and Bankruptcy Code, 2016, states that if a resolution

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**Reasoning:** The court considered the submissions from both sides, noting that the successful

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**Interpretation:** The court interprets Section 33(3) as providing the Adjudicating Authority with

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**Application:** In this case, the court found that while there were delays in implementing the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Indian…
- **Respondents:** KND Engineering…

## Timeline

- **2018-01-01 — CIRP Init…**: CIRP initiated against KND Engineering Technologies Limited based on an application by…
- **2019-05-21 — CoC Meet…**: The Resolution Plan submitted by the Respondent No. 2 viz., PND Infrastructure Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(3) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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