# In the matter of Prince SWR Systems Private Limited

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03210. Prince Pipes and Fittings Limited (PPFL) filed an Interlocutory Application (I.A. 894/2022)…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prince-swr-systems-private-limited-0608e03f

## Summary

### Background

Prince Pipes and Fittings Limited (PPFL) filed an Interlocutory Application (I.A. 894/2022) under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to convene a meeting of the Committee of Creditors (CoC) to consider PPFL's resolution plan dated 23 March 2022. The Resolution Professional (RP) rejected PPFL's plan because it was submitted after the deadline and PPFL was allegedly ineligible under Section 29A of the IBC. The RP obtained legal opinions supporting this view. The CoC approved another resolution plan with a majority vote. PPFL argued it was the most suitable candidate and not a related party. The RP contended PPFL failed to submit an Expression of Interest (EOI) on time and was ineligible due to a director's family relationship

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## Facts

Prince Pipes and Fittings Limited (PPFL) sought to submit a resolution plan for Prince SWR Systems Private Limited (PSSPL), a Corporate Debtor undergoing CIRP. The CIRP was initiated on 16 April 2021. Mr. Hirachand Nemichand Bafna was initially appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP), but was later replaced by Mr. Amit Chandrashekhar Poddar. The RP invited Expressions of Interest (EOIs) twice, with the final deadline being 13 November 2021. PPFL submitted its interest to bid on 29 December 2021, after the deadline. The RP rejected PPFL's plan, citing the late submission and potential ineligibility under Section 29A of the Insolvency and Bankruptcy Code (IBC). PPFL argued it was the most suitable

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## Issues and analysis

### Issue 1: Whether the belated and unsolicited proposal sent by …

**Ratio:** The CIRP is a time-bound process that must be completed expeditiously. Unsolicited plans

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**Reasoning:** The applicant sent his unsolicited email on 29.12.2021 expressing his interest to be part

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**Interpretation:** The NCLT interpreted the legal framework surrounding the CIRP process,

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**Application:** The NCLT applied the ratio to the facts, noting that the applicant's proposal

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Prince Pipes and…
- **Respondents:** Prince SWR…; Amit Chandrashekha…
- **Advocates:** Rohan Rajad…; Nishi Bhan…; +6 more

## Timeline

- **2021-04-16 — CIRP Init…**: CIRP was initiated against the Corporate…
- **2021-04-16 — Appointment…**: Mr. Hirachand Nemichand Bafna was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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