# In the matter of Precision Containeurs Limited IA-3697-2022 in C.P.(IB)-2146(MB)-2019

> NCLT judgment dated 2023-05-02. Citation: TCN-2023-NCLT-03516. The application IA-3697/2022 was filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 2 May 2023
- **Citation:** TCN-2023-NCLT-03516
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/precision-containeurs-limited-ia-3697-2022-in-cpib-2146mb-2019-a9d5bf50

## Summary

### Background

The application IA-3697/2022 was filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, on behalf of the Committee of Creditors (CoC) seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated against Precision Containeurs Limited vide an order dated 10.03.2022, based on an application filed by Stressed Assets Stabilization Fund (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code 2016. Mr. Ramnarayan Rajaraman was appointed as Interim Resolution Professional (IRP), later replaced by Mr. Chetan T. Shah. The IRP made a public announcement on 17.03.2022 inviting claims. The CoC was constituted, and the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Precision Containeurs Limited on 10.03.2022, based on an application by Stressed Assets Stabilization Fund (SASF). Ramnarayan Rajaraman was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Chetan T. Shah. A public announcement was made on 17.03.2022 to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and the Information Memorandum (IM) was circulated on 02.05.2022. The Corporate Debtor is classified as a Micro Enterprise. East India Drums & Barrels Manufacturing Pvt. Ltd. submitted a resolution plan, which was approved by the CoC on 17.11.2022 with 100% voting share. The resolution plan includes a total consideration of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by East India Drums and Barrels Manufacturing Private Limited …

**Ratio:** Section 30(4) of the Insolvency and Bankruptcy Code, 2016, mandates that the Committee of

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**Reasoning:** The court examined the resolution plan and found that it provides for payment of

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**Interpretation:** Section 30(4) requires the CoC to ensure that the resolution plan adheres to

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**Application:** In this case, the court found that the CoC had approved the plan after

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## Parties

- **Judges:** KISHORE VEMULAPALL…; Prabhat…
- **Appellants:** Chetan T.…
- **Respondents:** Precision…; Stressed Assets…
- **Advocates:** Mayank C.…

## Timeline

- **2019-01-01 — Case Fil…**: C.P.(IB)-2146(MB)/2019…
- **2022-03-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Precision Containeurs…

## 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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