# In the matter of UCAL Auto Private Limited IA-1286-CHE-2022 in IBA-1237-2019

> NCLT judgment dated 2023-03-22. Citation: TCN-2023-NCLT-04104. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of UCAL Auto Private…

- **Court:** NCLT
- **Order date:** 22 Mar 2023
- **Citation:** TCN-2023-NCLT-04104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ucal-auto-private-limited-ia-1286-che-2022-in-iba-1237-2019-1a547277

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of UCAL Auto Private Limited, initiated following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered by IBA/1237/2019, with the Tribunal's order dated 04.06.2021. Initially, Mr. Narayanan Seshasayee was appointed as the Interim Resolution Professional (IRP), later replaced by Mrs. Renuka Devi Rangaswamy. The Committee of Creditors (CoC) was formed, and several meetings were conducted to evaluate resolution plans. Suja Shoei Industries Private Limited submitted a resolution plan, which was eventually approved by the CoC. The resolution plan involves a scheme of merger where UCAL Auto Private Limited (Transferor) is merged with Suja Shoei

…

## Facts

UCAL Auto Private Limited (UAPL) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the IBC, 2016. The CIRP was initiated by IBA/1237/2019. UCAL Products Private Limited (UPPL) is an associate company of UCAL Auto Private Limited and is also undergoing CIRP. Renuka Devi Rangaswamy was appointed as the Resolution Professional (RP). The RP published Form-G, inviting resolution plans. Suja Shoei Industries Private Limited submitted a resolution plan, proposing a merger with UCAL Auto Private Limited. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The resolution plan includes provisions for payment to creditors, transfer of assets, and management of the corporate debtor. One of the

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Suja Shoei Industries Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with the

…

**Interpretation:** Section 30(2) of the IBC, 2016, is interpreted to mean that a resolution plan

…

**Application:** The Adjudicating Authority found that the Resolution Plan complied with the

…

## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Respondents:** UCAL Auto Private…

## Timeline

- **2019-01-01 — Application under…**: Application filed under Section 9 of the IBC,…
- **2021-04-06 — Tribunal Initi…**: Tribunal initiated Corporate Insolvency Resolution Process in respect of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 230 — Delegation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-230)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ucal-auto-private-limited-ia-1286-che-2022-in-iba-1237-2019-1a547277