IBC-NCLT Chandigarh Approves Resolution Plan For Haryana Telecom Limited
The NCLT Chandigarh bench comprising of Shri Harnam Singh Thakur (Judicial Member) and Shri Subrata Kumar Dash (Technical Member) has approved a 25 crore resolution plan of Mr. Abhimanyu Singh Mehlawat for Haryana Telecom Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into...
The NCLT Chandigarh bench comprising of Shri Harnam Singh Thakur (Judicial Member) and Shri Subrata Kumar Dash (Technical Member) has approved a 25 crore resolution plan of Mr. Abhimanyu Singh Mehlawat for Haryana Telecom Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”).
The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 07.02.2020. The Resolution Professional initially admitted claims of 8.20 crores from Secured Financial Creditor, of 67.47 lakhs from Unsecured Financial Creditors, of 86.63 crores from Operational Creditors, and of 46.73 lakhs towards other Statutory Liabilities.
The Company received resolution applications from 3 applicants. The CoC approved the resolution plan of Mr. Abhimanyu Singh Mehlawat with a voting share of 100% in its 9th meeting held on 31.10.2020.
The resolution plan offered a 15.33% recovery of 8.20 crores to the Secured Financial Creditors amounting to 1.25 crores. It further offered a 24.10% recovery of 86.63 crores amounting to 20.88 crores to Operational Creditors.
The NCLT approved the resolution plan being satisfied that it was in compliance of IBC, 2016 and its various regulations there under.
Haryana Telecom Limited was a non government company involved in manufacturing of electronic valves and tubes and other electronic components
Case No. IA No.823/2020 In CP (IB) No.515/Chd/Chd/2019
Case Name; Parivartan Investment and Finance Company vs Haryana Telecom limited