# In the matter of Straight Edge Contracts Private Limited I.A. 3662-ND-2022 in C.P. No. IB-1071-ND-2019

> NCLT judgment dated 2022-10-13. Citation: TCN-2022-NCLT-00761. The case pertains to the approval of a resolution plan for Straight Edge Contracts Private…

- **Court:** NCLT
- **Order date:** 13 Oct 2022
- **Citation:** TCN-2022-NCLT-00761
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/straight-edge-contracts-private-limited-ia-3662-nd-2022-in-cp-no-ib-1071-nd-2019-357f2381

## Summary

### Background

The case pertains to the approval of a resolution plan for Straight Edge Contracts Private Limited ('Corporate Debtor'). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by M/s. Gupta Ji Electric Company under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initially admitted by the NCLT on 26.02.2020, but this order was later set aside by the NCLAT. Subsequently, the NCLAT recalled its earlier order, and the admission order of 26.02.2020 was restored. The Resolution Professional (RP) then invited claims from creditors, and the Committee of Creditors (CoC) was formed. Multiple CoC meetings were held to discuss the resolution plan. The CIRP period was extended multiple times by

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Straight Edge Contracts Private Limited ('Corporate Debtor') based on a petition filed by M/s. Gupta Ji Electric Company under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT initially admitted the petition on 26.02.2020, but this order was later set aside by the NCLAT. Subsequently, the NCLAT recalled its earlier order, and the admission order of 26.02.2020 was restored. Mr. Ankit Kishore Sinha was appointed as the Resolution Professional (RP). The RP made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was formed, with Gulshan Homz Private Limited holding the majority voting share (92.78%). Multiple CoC meetings were held to discuss the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Noida Shopping Centre Private Limited meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016 specifies the requirements that

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**Reasoning:** The NCLT examined the resolution plan to determine whether it complied with the

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**Interpretation:** Section 30(2) of the IBC is interpreted as setting out mandatory requirements

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**Application:** The NCLT applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Respondents:** M/s. Straight…

## Timeline

- **2019-01-01 — Petition…**: C.P. No. IB-1071/ND/2019…
- **2020-02-26 — CIRP Admi…**: NCLT admitted the petition and initiated CIRP against Straight Edge Contracts Private…

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