In re GCCL Infrastructure and Projects Limited (NCLT Ahmedabad)
NCLT Ahmedabad approved the resolution plan submitted by M/s. GCCL Infrastructure and Projects Limited (Corporate Debtor) as resolution plan has provisions of its effective implementation.
Facts- The present interlocutory application was filed on behalf of Resolution professional (RP) of GCCL Infrastructure and Projects Limited, u/s. 54K of the Insolvency & Bankruptcy Code, 2016 [IBC] read with Regulation 44 and 45 of the IBBI (Pre-Package Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) for the approval of the Resolution plan submitted by the GCCL Infrastructure and Projects Lim-ited being successful resolution applicant [SRA] as approved by the Committee of Creditors under sub-section 12(4) under Section 54(L) of the IBC.
Conclusion- Held that the application filed under Section 54K has been considered, we are satisfied that the resolution plan has provisions for its effective implementation. We approve the Resolution Plan sub-mitted by the Corporate Debtor.
FULL TEXT OF THE NCLAT JUDGMENT/ORDER
1. Preliminary
1.1 The present interlocutory application bearing IA No. 112 of 2022 was filed on behalf of Resolution professional (RP) of GCCL Infrastructure and Projects Limited, under the Section 54K of the Insolvency & Bankruptcy Code, 2016 [IBC] read with Regula-tion 44 and 45 of the IBBI (Pre-Package Insolvency Resolution Process) Regulations, 2021 (PPIRP Regu-lations) for the approval of the Resolution plan submitted by the GCCL Infrastructure and Projects Lim-ited being successful resolution applicant [SRA] as approved by the Committee of Creditors (COC) under sub-section 12(4) under Section 54(L) of the IBC..
1.2 The CD was admitted in Pre-Package Insolvency Resolution Process (PPIRP) on 14.09.2021 and Mr. Parag Sheth was appointed as RP. On 21.09.2021, the RP of the Corporate Debtor constituted the CoC with the following financial creditor based on the list of claims confirmed under section 54F(2)(a):
