NCLT Chandigarh Bench Approved Resolution Plan For Haryana Telecom Limited Under Section 30 (6) and Section 31 Of IBC

The National Company Law Tribunal Chnadigarh in the case Parivartan Investment and Finance Company vs Haryana Telecom limited, wherein the bench comprising of Judicial Member, Shri Harnam Singh Thakur and the Technical Member, Shri Subrata Kumar Dash in the case observed and has approved a 25 crore resolution plan of Mr. Abhimanyu Singh Mehlawat for the Corporate Debtor, Haryana Telecom Limited under section 30 (6) and 31 of the Insolvency and
Bankruptcy Code, 2016.
In the present case, the company vide order dated February 07, 2020 was admitted into Corporate Insolvency Resolution Process, CIRP. The claim was initially admitted by the Resolution Professional of 8.20 crores from Secured Financial Creditor, of 67.47 lakhs from Unsecured Financial Creditors, of 86.63 crores from the Operational Creditors, and for an amount of Rs. 46.73 lakhs towards the other Statutory Liabilities.
Therefore, the company in the case received the resolution applications from 3 applicants. Thus, the resolution plan was approved by the Committee of Creditors, CoC of Mr. Abhimanyu Singh Mehlawat with a voting share of 100% in its 9th meeting held on October 31, 2020.
However, the resolution plan approved offered a 15.33% recovery of 8.20 crores to the Secured Financial Creditors wherein it amounts to 1.25 crores. Further, it offered a 24.10% recovery of 86.63 crores which amounts to 20.88 crores to Operational Creditors.
Further, the bench approved the resolution plan being satisfied that it was in compliance of Insolvency and Bankruptcy Code, 2016 and its various regulations
there under.
However, the Haryana Telecom Limited being a non-government company which is involved in manufacturing of electronic valves and tubes and other electronic components.