THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (Exercising powers of Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016)

IA No. 452/2023 In CP (IB) No. 35/Chd/HP/2018 (Admitted Matter)

Under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39 of IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 In the matter of:

Phoenix Arc Private Limited .…Petitioner-Financial Creditor Versus GPI Textiles Limited ….Respondent-Corporate Debtor And in the matter of:

IA No. 452/2023 Mr. Jalesh Kumar Grover Resolution Professional For GPI Textiles Limited having its registered office at SCO-818, 2nd Floor, NAC Manimajra, Chandigarh-160101 …Applicant Order delivered on: 27.04.2023 Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL)

Present:

For the Applicant : Mr. Abhishek Anand, Advocate : Mr. Viren Sharma, Advocate : Mr. Jalesh Kumar Grover, Resolution Professional in person Per: Subrata Kumar Dash, Member (Technical)

JUDGEMENT

IA No. 452/2023 The present application has been filed by Mr. Jalesh Grover, Resolution Professional of GPI Textiles Limited under Section 30(6) read with Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) for approval of the resolution plan in respect of the GPI Textile Limited (“the corporate debtor”). The applicant-Resolution Professional filed the present application on 07.02.2023 for approval of the resolution plan, which was approved with a 100% voting share of the Committee of Creditors (COC), in its 39th meeting which was held on

12.01.2023. The present application was reserved for orders on 16.03.2023.

2. The Company Petition CP (IB) No. 35/Chd/HP/2018 was filed by the Financial creditor Phoenix Arc Private Limited against the corporate debtor, which was admitted into the Corporate Insolvency Resolution Process (‘CIRP’) vide order dated 06.07.2018

3. Mr Jalesh Grover was appointed as Interim Resolution Professional (‘IRP’) vide Order dated 12.07.2018, and the public announcement as per Regulation 6 of the CIRP Regulations in Form A, as prescribed under the schedule, was made on 14.07.2018 in two newspapers, in Amar Ujala (Hindi) and Financial Express (English), inviting claims from the creditors of the corporate debtor as envisaged under the Code.

4. Pursant to the public announcement, the Applicant constituted the Committee of Creditors on 01.08.2018 in terms of Section 21 of the Code comprising of Phoenix ARC Private Limited and State Bank of India, with the following voting share:-

5. The Committee of Creditors (CoC) confirmed the appointment of Mr Jalesh Grover as the Resolution Professional with 100% voting. The Applicant had convened 12 CoC meetings in the matter of the Corporate Debtor, wherein the CoC in its 12th CoC meeting approved the Resolution Plan submitted by M/s Aggarsain Spinners Limited with 92.55% voting share.

6. Pursuant to the above, the Resolution Professional had filed an application bearing C.A. No. 287 of 2019 under Section 30(6) of the Code on 07.04.2019 seeking approval of the Resolution Plan submitted by M/s Aggarsain Spinners Limited. This Hon’ble Adjudicating Authority vide its Order dated 24.05.2022 dismissed the aforesaid Application and has also extended the period of the Corporate Insolvency Resolution Process by 90 days for exploring the possibility of resolution of the corporate debtor in order to avoid the Liquidation

7. The Applicant has submitted that a total of 40 CoC meetings have been held during the CIRP period, details of first 25 meetings are as follows:-