# Megha Agrawal, Resolution Professional of T & U Systems Automobiles Private Limited

> NCLT judgment dated 2025-06-17. Citation: TCN-2025-NCLT-00701. The case pertains to an application (I.A 50 of 2025) filed by Mrs. Megha Agrawal, the…

- **Court:** NCLT
- **Order date:** 17 Jun 2025
- **Citation:** TCN-2025-NCLT-00701
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/megha-agrawal-resolution-professional-of-t-u-systems-automobiles-private-limited-041c94d9

## Summary

### Background

The case pertains to an application (I.A 50 of 2025) filed by Mrs. Megha Agrawal, the Resolution Professional (RP) of T & U Systems Automobiles Private Limited, seeking approval of a Resolution Plan submitted by Mr. Harshit Kothari and approved by the Committee of Creditors (CoC) with a 100% majority. The Corporate Applicant had filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to being non-operational since the financial year 2018-2019. Subsequently, the Corporate Applicant was admitted into the Corporate Insolvency Resolution Process (CIRP).

## Facts

T & U Systems Automobiles Private Limited ("Corporate Applicant") filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, as it had been non-operational since the financial year 2018-2019. The company was admitted into Corporate Insolvency Resolution Process (CIRP) on 09.01.2024. Megha Agrawal was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 31.01.2024, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 22.02.2024, initially comprising Central Bank of India with an admitted claim of Rs. 13,87,80,172/-. Megha Agrawal was confirmed as the Resolution Professional (RP) on 02.03.2024. Valuers were appointed to determine the fair market value and liquidation

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Harshit Kothari complies with the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the mandatory

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it provides for

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Resolution Plan was found to comply with Section 30(2) as it provided for

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## Parties

- **Judges:** Shri. Prabhat…; V.G. B…
- **Appellants:** Megha Ag…
- **Respondents:** T & U Systems…
- **Advocates:** Rohan Ag…

## Timeline

- **2018-01-01 — Corporate Applicant…**: T & U Systems Automobiles Private Limited becomes non-operational since the financial…
- **2019-01-01 — Application under…**: The Corporate Applicant files an application under Section 10 of the Insolvency and…

## 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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