# In the matter of Nag (India) Private Limited IA(IBC)-1023(CHE)-2021 in IBA-323-2019

> NCLT judgment dated 2022-11-09. Citation: TCN-2022-NCLT-00513. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 9 Nov 2022
- **Citation:** TCN-2022-NCLT-00513
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nag-india-private-limited-iaibc-1023che-2021-in-iba-323-2019-c2fbc7da

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nag (India) Private Limited, following an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority initiated CIRP vide order dated 06.01.2020. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then sought approval of the Resolution Plan submitted by Star Exports.

## Facts

Union Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC, 2016, leading to the initiation of CIRP against M/s. Nag (India) Private Limited on 06.01.2020. Mahalingam Suresh Kumar was appointed as the IRP and later confirmed as RP. The RP made public announcements and constituted a CoC with Union Bank of India holding 100% voting share. The RP also filed IA/121/2021 seeking exclusion of 251 days and extension of 20 days due to COVID-19 lockdown, which was granted. Star Exports submitted a Resolution Plan for Rs.3.9 Crore, which was approved by the CoC on 21.09.2021. The Income Tax Department had provisionally attached the properties of the Corporate Debtor. The Resolution Plan proposed a payment of Rs.10,67,664/- to the Income Tax

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Star Exports meets the requirements of Section 30(2) of …

**Ratio:** The Adjudicating Authority must ensure that the Resolution Plan complies with Section

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a Resolution

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**Application:** The Adjudicating Authority applied the ratio by examining the Resolution Plan

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…
- **Appellants:** Mahalingam Suresh…
- **Respondents:** M/s. Nag (India)…

## Timeline

- **2020-01-06 — CIRP Init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…
- **2020-01-10 — Public Annou…**: Applicant caused Public announcement in 'The New Indian Express' in English and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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