# In the matter of Wall Rock Infrahome Private Limited I.A. 5070-2020 in Company Petition No. (IB) - 1551-(ND)-2019

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-02718. The case pertains to an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02718
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wall-rock-infrahome-private-limited-ia-5070-2020-in-company-petition-no-ib-1551-02f933f2

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan under Section 31 of the Code. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Wall Rock Infrahome Private Limited after M/s Volga Estates Private Limited, a financial creditor, filed an application under Section 7 of the Code. The Company Petition (IB) 1551/(ND)/2019 was admitted on 17.12.2019, imposing a moratorium under Section 14 of the Code. Mr. Vijay Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement in Form-A in newspapers, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and

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## Facts

M/s Volga Estates Private Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Wall Rock Infrahome Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 17.12.2019, leading to the imposition of a moratorium under Section 14 of the IBC. Mr. Vijay Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP made a public announcement inviting claims from creditors and formed a Committee of Creditors (CoC). The RP also appointed valuers to determine the fair value and liquidation value of the corporate debtor. The RP published an invitation for expression of interest (EOI) in

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Glaze Packagers Private Limited in consortium with …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and the compliance certificate

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**Interpretation:** Section 30(2) of the Code sets out the mandatory requirements for a Resolution

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by M/s

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** Vijay Kumar…
- **Respondents:** M/s Wall Rock…; M/s Volga Estates…
- **Advocates:** Anurag…; Rakesh…

## Timeline

- **2019-12-17 — Admission of Company…**: Company Petition (IB) 1551/(ND)/2019 was admitted, imposing moratorium under Section 14…
- **2020-01-10 — Public Annou…**: Inter alia calling for the…

## 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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