# In the matter of Krishna Alex Private Limited IA (IB) 236-KB-2022 in CP (IB) No. 1128-KB-2019

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-02710. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02710
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/krishna-alex-private-limited-ia-ib-236-kb-2022-in-cp-ib-no-1128-kb-2019-6a0957d2

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan concerning Krishna Alex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Punjab National Bank under Section 7 of the Code, which was admitted on 2021-09-14. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The IRP made a public announcement and invited claims from creditors. The Committee of Creditors (CoC) conducted several meetings to evaluate resolution plans. Sterile Extrusions Private Limited submitted a resolution plan that received 96.3461% of the CoC's vote, exceeding the

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## Facts

Punjab National Bank filed a Company Petition (CP (IB) No. 1128/KB/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Krishna Alex Private Limited, the Corporate Debtor. The petition was admitted on 2021-09-14, initiating the Corporate Insolvency Resolution Process (CIRP). Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Public announcement was made on 2021-09-16, inviting claims from financial and operational creditors. Eleven CoC meetings were conducted during the CIRP period. Invitations for Expression of Interest (EoIs) were issued on 2021-11-27, with extensions until 2021-12-21. Five resolution plans were received, and after revisions, the CoC considered them

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sterile Extrusions Private Limited meets the requirements …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for the submission and approval of

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it had been

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**Interpretation:** Sections 30 and 31 mandate that a resolution plan must be approved by the CoC

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**Application:** In this case, the Resolution Plan was approved by the CoC with a 96.3461%

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** Krishna Alex…
- **Advocates:** Shreya Cho…; Shaunak…; +1 more

## Timeline

- **2019-01-01 — Company Petiti…**: Punjab National Bank filed CP (IB) No.…
- **2021-09-14 — Admission of…**: The Company Petition was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 32 — Appeal](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-32)

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