# In the matter of Leo Primecomp Private Limited

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05066. The case pertains to an application IA(IBC)/1239(CHE)/2022 filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/leo-primecomp-private-limited-972d67d8

## Summary

### Background

The case pertains to an application IA(IBC)/1239(CHE)/2022 filed by the Resolution Professional (RP) of the Corporate Debtor, Leo Primecomp Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulations 38 & 39 of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by the Adjudicating Authority on 24.07.2019, following an application filed by the Financial Creditor, State Bank of India, under Section 7 of the IBC. The RP made public announcements and invited claims from creditors. The Committee of Creditors (CoC) was constituted with State Bank of India as

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Leo Primecomp Private Limited on 24.07.2019 by the Adjudicating Authority, based on an application filed by the Financial Creditor, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr.Mathur Sabhapathy Viswanathan was initially appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted on 19.08.2019, with State Bank of India as the sole member. Several attempts to invite Expressions of Interest (EoI) were made, but initially, no EoIs were received. The existing promoters, M/s.B.Athithyan and V.Karthikeyan, submitted their EoI and a Resolution Plan on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the mandatory …

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

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**Reasoning:** The Adjudicating Authority is duty-bound to examine the Resolution Plan to ensure that it

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**Interpretation:** Section 30(2) sets out the minimum standards a resolution plan must meet to be

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**Application:** In this case, the Adjudicating Authority examined the Resolution Plan and found

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## Parties

- **Judges:** Dr.Deepti…; SAMEER…
- **Appellants:** Mrs.J.Kar…
- **Respondents:** LEO Primecomp…; State Bank of…

## Timeline

- **2019-07-24 — CIRP Init…**: CIRP initiated against Leo Primecomp Private…
- **2019-08-19 — CoC Consti…**: Committee of Creditors (CoC) constituted with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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