# In the matter of Telexcell Information Systems Limited

> NCLT judgment dated 2023-05-30. Citation: TCN-2023-NCLT-03141. The case pertains to IA-5999/2022 filed by the Resolution Professional (RP) of M/s. Telexcell…

- **Court:** NCLT
- **Order date:** 30 May 2023
- **Citation:** TCN-2023-NCLT-03141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/telexcell-information-systems-limited-12f4b104

## Summary

### Background

The case pertains to IA-5999/2022 filed by the Resolution Professional (RP) of M/s. Telexcell Information Systems Ltd. ("Corporate Debtor") under Sections 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by M/s. CSII India Pvt. Ltd. ("Operational Creditor") which was admitted on 05.10.2021. An appeal against the admission order was dismissed by the NCLAT on 25.11.2022. The RP then constituted a Committee of Creditors (CoC) and invited resolution plans. After several meetings and revisions, the CoC approved a resolution plan submitted by M/s. Frans Global Infotech Private Limited with 100% voting share.

## Facts

M/s. CSII India Pvt. Ltd. filed a company petition (IB-411(ND)/2020) against M/s. Telexcell Information Systems Limited, leading to the initiation of CIRP. The petition was admitted on 05.10.2021. The Resolution Professional (RP), Mr. Mukesh Kumar Jain, was appointed. An appeal against the admission order was dismissed by the NCLAT on 25.11.2022. The RP constituted a Committee of Creditors (CoC), which included financial creditors like Starfire Movies Private Limited, Mr. Prashant Gehlawat, and Baba Lease & Investment Private Limited. The CoC convened several meetings to discuss and approve the resolution plan. M/s. Frans Global Infotech Private Limited submitted a resolution plan that was revised based on discussions with the CoC. The CoC approved the resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Frans Global Infotech Private Limited complies with …

**Ratio:** The Resolution Plan must comply with all the requirements specified in Sections 30 and 31

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** Sections 30 and 31 of the IBC lay down the criteria for approval of a

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**Application:** The Adjudicating Authority determined that the Resolution Plan submitted by

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. Telexcell…

## Timeline

- **2020-01-01 — Initiation…**: Company Petition (IB)-411(ND)/2020…
- **2021-10-05 — Admission of Company…**: Company Petition (IB)-411(ND)/2020…

## 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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