# In the matter of Trans-Fab Power lndia Private Limited

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-05398. Bank of India, as the sole financial creditor and CoC member, filed an application seeking…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-05398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/trans-fab-power-lndia-private-limited-c81f2079

## Summary

### Background

Bank of India, as the sole financial creditor and CoC member, filed an application seeking liquidation of the Corporate Debtor, Trans-Fab Power India Private Limited, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The application also sought forfeiture of the performance security amount of Rs. 75,00,000 deposited by the successful resolution applicants/respondents due to contravention of the Resolution Plan.

## Facts

The CIRP of the Corporate Debtor was initiated on 13.08.2019.

Mr. Laxman Digambar Pawar was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Deepak Panpaliya.

The Resolution Professional (RP) published an advertisement inviting expression of interests from prospective Resolution Applicants.

The Respondents, Mr. Rajabhau Shinde and Mrs. Pratibha R. Shinde, submitted their Resolution Plan to the CoC on 11.07.2020.

The CoC approved the Resolution Plan with 100% voting share, and the RP issued a letter of intent to the Respondents on 30.11.2020.

The Respondents failed to infuse the required funds within the stipulated time frame, leading to the filing of the application for liquidation.

…

## Issues and analysis

### Issue 1: Whether the Respondents …

**Ratio:** Yes.…

**Reasoning:** The Respondents failed to infuse the funds as per the timelines prescribed in the

…

**Interpretation:** The failure to adhere to the terms of the Resolution Plan constitutes a breach

…

**Application:** The Tribunal applied the provisions of the Insolvency and Bankruptcy Code,

…

## Parties

- **Judges:** H.V. Subb…; Anu Jagmoha…
- **Appellants:** Bank of…
- **Respondents:** Trans-Fab Power…; Rajabhau…; +1 more
- **Other parties:** Deepak Pan…; LaxmanDigambarPawa…; +3 more
- **Advocates:** Apur…; Samaksh…

## Timeline

- **2019-08-13 — CIRP Init…**: The Corporate Insolvency Resolution Process…
- **2021-03-25 — Resolution Plan…**: The Tribunal approved the Resolution…

---

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-mumbai/trans-fab-power-lndia-private-limited-c81f2079