# In the matter of Sankhya Infotech Limited I.A. No. 901 of 2021 CP (IB) No. 235-7-HDB-2020

> NCLT judgment dated 2022-06-15. Citation: TCN-2022-NCLT-02225. The case involves the approval of a resolution plan for M/S Sankhya Infotech Limited, a…

- **Court:** NCLT
- **Order date:** 15 Jun 2022
- **Citation:** TCN-2022-NCLT-02225
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sankhya-infotech-limited-ia-no-901-of-2021-cp-ib-no-235-7-hdb-2020-62f2b68b

## Summary

### Background

The case involves the approval of a resolution plan for M/S Sankhya Infotech Limited, a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated after the admission of a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. An Interim Resolution Professional (IRP) was appointed, who later continued as the Resolution Professional (RP). The RP invited claims from creditors, constituted a Committee of Creditors (CoC), and invited prospective resolution applicants to submit resolution plans.

## Facts

Mr. Pudhota Mahendra Kumar Choudhary initiated proceedings against M/S Sankhya Infotech Limited under Section 7 of the IBC, which was admitted on 2021-07-28, leading to the commencement of CIRP. Mr. Jagadees Kumar Morri was appointed as the Interim Resolution Professional (IRP) and continued as the Resolution Professional (RP). The RP made a public announcement on 2021-08-04, inviting claims from creditors. The RP admitted claims from financial creditors, including IDBI Bank Ltd (Rs. 33,39,85,824/- with 92% voting share) and Mr. P Mahendra Kumar (Rs. 2,59,37,825/- with 7% voting share). Form-G was published on 2021-10-11, with a submission deadline of 2021-10-26. The RP received four resolution plans by 2021-12-17. The CoC evaluated the plans and approved the plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Prasanna Sai Raghuveer meets the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority (NCLT) examined the resolution plan and found that it complies

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**Interpretation:** Section 30(2) of the IBC is interpreted to mean that a resolution plan must

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) and the

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## Parties

- **Judges:** M. Venkata…; Veera Brahma Rao…
- **Appellants:** Mr PUDHOTA…
- **Respondents:** M/s. Sankhya…

## Timeline

- **2021-07-28 — Admission of Section 7…**: The petition filed by Mr. Pudhota Mahendra Kumar Choudhary under Section 7 of the IBC was…
- **2021-08-04 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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