Partly allowed

In the matter of Ratandeep Infrastructure Pvt. Ltd. Ia No. 220-2021, Ia No.73-2021, Ca No. 191-2019, Ca No. 192-2019, Ca No. 232-2019, Ca No. 65-2020 in Cp No.(IB)45-ALD-2019

NCLT7 Dec 2021

Case brief

AI extract

What is this about?

The TKNAL rejected a resolution plan submission by suspended board members under Section 29A of IBC as not maintainable. It dismissed other applications as not pressed or infructuous due to pending liquidation proceedings. It directed the Resolution Professional to raise fee invoices for Committee of Creditors consideration.

What did the court decide?

Resolution plan by suspended board dismissed; other applications dismissed. RP directed to raise fee invoices for COC meeting.

In the matter of Ratandeep Infrastructure Pvt. Ltd. Ia… — Insolvency and Bankruptcy | NCLT (2021)

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DIVISION BENCH ITEM No. 107

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NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH ALLAHABAD

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CP No.(IB)45/ALD/2019

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IA No. 220/2021, IA No.73/2021, CA No. 191/2019, CA NO. 192/2019, CA No. 232/2019, CA No. 65/2020

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CORAM:

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1. SHRI RAJASEKHAR V. K, HON’BLE MEMBER (JUDICIAL)

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2. SHRI VIRENDRA KUMAR GUPTA, HON’BLE MEMBER (TECHNICAL)

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 07th DECEMBER, 2021, 3:00 PM

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NAME OF THE	NITIN JAIN & ANR V/S RATANDEEP INFRASTRUCTURE
COMPANY	PVT LTD
UNDERSECTION	7 IBC

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COUNSEL APPEARED THROUGH VIDEO CONFERENCING :

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Sh. Kartikeya Saran, Ms. Babita Jain, Jitendra Sarin, Advs. : For the Applicants Sh. Deepak Maurya proxy for Sh. Udai Chandani, Adv. : For the respondent Sh. Alok Kumar Kuchhal, RP in person.

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ORDER

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CA NO. 191/2019

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This is an application filed by the Members of the Suspended Board seeking to submit the Resolution Plan in respect of the Corporate Debtor with other prayers. The Corporate Debtor is not an MSME. Therefore, a Resolution Plan sought to be submitted by the Suspended Board will be hit by the provision Section 29A, which came into effect from 06.06.2018.

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Therefore, IA No.191/2019 is dismissed as not maintainable.

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CA NO. 192/2019

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At the request of learned counsel appearing for the Applicant, this application is dismissed as not pressed. The Applicant is free to pursue its remedies as available to him under the law.

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CA 232/2019

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This is an application seeking consideration of claims by the Resolution Professional. This ap plication was filed in 2019 and the application seeking liquidation of the Corporate Debtor has been filed in IA No.73/2021. Therefore, the present petition has become infructuous and is dismissed as such. Liberty is given to the Applicant to raise its claim with the liquidator as and when appointed by the Adjudicating Authority.

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IA NO. 220/2021

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This is an application filed by the AIG Infratech (India) Private Limited seeking to submit a resolution plan in respect of the Corporate Debtor. This application has come rather late in the day as the CIRP was initiated against the Corporate Debtor vide order dated 16.04.2019, the CIRP has been in continuing for the last two and half years. At this stage, no useful purpose would be served in keeping IA NO. 220/2021 when the COC has already resolved to liquidate the Corporate Debtor and the application as IA No.73/2021 is pending for consideration.

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Therefore, IA NO. 220/2021 is dismissed as infructuous.

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IA NO. 73/2019

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Heard the RP appearing in person. Reserved for order.

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CA NO. 65/2020

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This is an application filed by the Resolution Professional seeking a direction to the Committee of Creditors for payment of fee.

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This application is disposed of with the following directions:-

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a. The Resolution Professional is hereby directed to raise invoices in respect of the expenses incurred by him and a separate invoice in respect of the fee approved by the COC;

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b. Upon receipt of the invoices along with the supporting documents members of the COC is directed to consider the matter of fee and CIRP cost at a meeting to be called in this regard on 27^th of December, 2021 due notice of the meeting shall be given by the Resolution Professional to the Members of the Committee.

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c. .The matter shall be reported back to this Adjudicating Authority on 04.01.2022. Since this is a 2020 matter, we expect the COC to take a decision quickly with regard to the fees and expanses of the Resolution Professional.

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Virendra Kumar Gupta Rajasekhar V.K. Member (Technical) Member (Judicial)

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Md. Zaid (Stenographer)

In the matter of Ratandeep Infrastructure Pvt. Ltd. Ia No. 220-2021, Ia No.73-2021, Ca No. 191-2019, Ca No. 192-2019, Ca No. 232-2019, Ca No. 65-2020 in Cp No.(IB)45-ALD-2019

Case brief

What is this about?

What did the court decide?

In the matter of Ratandeep Infrastructure Pvt. Ltd. Ia No. 220-2021, Ia No.73-2021, Ca No. 191-2019, Ca No. 192-2019, Ca No. 232-2019, Ca No. 65-2020 in Cp No.(IB)45-ALD-2019

Case brief

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What did the court decide?

What the court decided

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