# In the matter of Premier Futsal Management Private Limited

> NCLT judgment dated 2024-06-21. Citation: TCN-2024-NCLT-01129. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Premier Futsal…

- **Court:** NCLT
- **Order date:** 21 Jun 2024
- **Citation:** TCN-2024-NCLT-01129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/premier-futsal-management-private-limited-0600f3ae

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Premier Futsal Management Private Limited. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) published Form G, inviting Expression of Interest (EOI). Initially, three EOIs were received, but only one was considered. The COC felt the need for more EOIs due to the niche nature of the business. Subsequently, another EOI was issued. Zinema Media and Entertainment Limited and Mrs. Daisy Adhav Arjuna submitted resolution plans, which were considered by the Committee of Creditors (COC). The COC approved both resolution plans in tandem. The RP sought an extension of the CIRP period, which was allowed by the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Premier Futsal Management Private Limited based on an application under Section 9 of the IBC. Chitra Srinivas was appointed as the Resolution Professional (RP). The RP published Form G, inviting Expression of Interest (EOI), resulting in three EOIs initially, but only one was considered complete. Due to the niche nature of the business, the COC decided to issue another EOI. Zinema Media and Entertainment Limited and Mrs. Daisy Adhav Arjuna submitted resolution plans. Zinema's plan focused on acquiring specific assets, while Daisy's plan aimed to acquire the entire company. The COC approved both plans in tandem. The RP filed an application for extension of the CIRP period, which was granted. The

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) and the Committee of Creditors (COC) adhered to the …

**Ratio:** Regulation 36B (6A) of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The Tribunal observed that the RP did not maintain the sanctity of Regulation 36B (6A) as

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**Interpretation:** Regulation 36B (6A) is interpreted as a mandatory requirement to ensure that

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**Application:** In this case, the RP and COC, after not receiving a satisfactory resolution

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Chitra Sr…
- **Respondents:** Premier Futsal…; My Fare Tours &…
- **Advocates:** V. Ma…

## Timeline

- **2019-01-01 — Initiation…**: CIRP initiated under Section 9…
- **2020-01-31 — Appointment of Interim…**: Mr. Kedarram Ladha appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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