IDBI Bank Limited Vs Sindhanur Gangavathi Tollways Pvt Ltd (NCLT Hyderabad)
NCLT Hyderabad approved the resolution plan submitted by Resolution Professional of M/s. Sindhanur Gangavathi Tollway Private Limited (Corporate Debtor) as the resolution plan as approved by CoC meets the requirements specified in Section 30(2) of the Code.
Facts- The instant Application is filed on behalf of the Resolution Professional of M/s. Sindhanur Gangavathi Tollway Private Limited/Corporate Debtor u/s. 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, r/w regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by M/s. Kalyan Toll Infrastructure Limited.
Notably, the Company Petition filed by IDBI Bank Limited u/s. 7 of IBC, 2016 was admitted by the Adjudicating Authority, vide Order dated 08.12.2022 and ordered commencement of CIRP against the CD, M/s. Sindhanur Gangavathi Tollway Private Ltd., by appointing Mr. Raghu Babu Guntur as the Interim Resolution Professional (IRP). Later, in the 1st COC Meeting held on 19.01.2023, the IRP was confirmed as Resolution Professional.
Conclusion- Hon’ble Apex Court in K. Sashidhar v. Indian Overseas Bank & Others has held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per Section 30 (6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority. On receipt of such proposal, the Adjudicating Authority (NCLT) is required to satisfy itself that the resolution plan as approved by CoC meets the requirements specified in Section 30(2). No more and no less.
Held that the instant resolution plan satisfies the requirements of Section 30 (2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations. We also found that the Resolution Applicant is eligible to submit the Resolution Plan under Section 29A of the Code.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. The instant Application bearing IA No. 1947/2023 is filed on behalf of the Resolution Professional of M/s. Sindhanur Gangavathi Tollway Private Limited/Corporate Debtor, for short ‘CD’ under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, r/w regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by M/s. Kalyan Toll Infrastructure Limited, for short ‘SRA’ as duly approved by the Committee of Creditors, for short ‘COC’, at their 15th meeting held on 01.11.2023 with 100% voting share.
2. The Company Petition CP(IB) No. 324/7/HDB/2022 filed by IDBI Bank Limited u/s. 7 of IBC, 2016 was admitted by the Adjudicating Authority, vide Order dated 08.12.2022 and ordered commencement of CIRP against the CD, M/s. Sindhanur Gangavathi Tollway Private Ltd., by appointing Mr. Raghu Babu Guntur as the Interim Resolution Professional, for short ‘Later, in the 1st COC Meeting held on 19.01.2023, the IRP was confirmed as Resolution Professional, for short ‘RP’.
3. Public Announcement was issued on 23.12.2022 in Financial Express, Bengaluru Edition and Hosadigantha, Kannada Edition where the Corporate Debtor is operating and in Financial Express, Hyderabad Edition and Mana Telangana, Hyderabad edition, where the Corporate Office of the Corporate Debtor is situated, calling for claims from the stakeholders.
4. On receipt of claims from the Creditors pursuant to pubic announcement dated 23.12.2022, the RP constituted the Committee of Creditors, for short ‘COC’ on 12.0 1.2023 comprising of the following Financial Creditors:
