# 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-02714. The case pertains to the submission of a Resolution Plan under Section 30(6) for approval under…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02714
- **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-1551-861486b5

## Summary

### Background

The case pertains to the submission of a Resolution Plan under Section 30(6) for approval under Section 31 of the Insolvency and Bankruptcy Code, 2016, regarding the corporate insolvency resolution process (CIRP) of M/s Wall Rock Infrahome Private Limited. The CIRP was initiated following an application by M/s Volga Estates Private Limited, a financial creditor, 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) and later as the Resolution Professional (RP). The RP took steps for the appointment of valuers and issued invitations for expression of interest (EOI). Several meetings of the

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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 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 17.12.2019, and a moratorium was imposed under Section 14. 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 in newspapers and appointed valuers for land, building, plant, and machinery. The Committee of Creditors (CoC) was formed, and they appointed the IRP as the RP. The RP published an invitation for expression of interest (EOI) in Form G. The CoC approved the re-issuance of Form G and extension of

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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 NCLT examined the Resolution Plan to ensure that it complied with the requirements of

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The NCLT found that the Resolution Plan provided for the payment of insolvency

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## Parties

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

## 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…**: Public announcement was made calling for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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