Case Law Details
In re Radhakrishnan Dharmarajan Resolution Professional of Malar Energy & Infrastructure Private Limited (NCLT Chennai)
Under consideration is an Application filed by the Resolution Professional of the Corporate Debtor viz., Malar Energy & Infrastructure Private Limited under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the ‘Code’) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the ‘ CIRP Regulations’) read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking for approval of the Resolution Plan which is placed as Annexure — 17 and certain ancillary reliefs.
2. Before considering the Resolution Plan, this Tribunal is aware of the fact that the ‘UDYAM Registration’ was obtained post the initiation of the CIRP with respect to the Corporate Debtor. However, in the greater interest of the revival of the Corporate Debtor which is categorised as a ‘Small Enterprise’ by the ‘Ministry of Micro, Small and Medium Enterprises’ and in light of the decision of the Hon’ble NCLAT in the case Rakesh Kumar Agarwal Vs. Devendra P Jain, Liquidator of Asis Logistics Ltd [Company Appeal (AT) Ins No. 1034 of 2020] with respect to the Section 240A of the Code, a lenient view is taken for the consideration of the Resolution Plan submitted by the Promoter.
3. ABOUT THE CORPORATE DEBTOR
3.1. The Corporate Debtor is a Private Limited Company registered under the provisions of the Companies Act, 1956. The Corporate Debtor is a MSME unit and registered as a ‘SMALL ENTERPRISE’ with the Ministry of Small & Medium Enterprises, Government of India.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
