# In the matter of M/s. Rana Saria Poly Pack Pvt. Ltd. Vs. Uniworld Sugars Pvt. Ltd. & Anr. Company Appeal (AT) (Ins.) No. 422 of 2021

> NCLAT judgment dated 2022-04-12. Citation: TCN-2022-NCLAT-00693. The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLAT
- **Order date:** 12 Apr 2022
- **Citation:** TCN-2022-NCLAT-00693
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ms-rana-saria-poly-pack-pvt-ltd-vs-uniworld-sugars-pvt-ltd-anr-company-appeal-8642a055

## Summary

### Background

The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated 17.3.2021 in IA No. 290 of 2020 in CP/IB/ALD/ No. 120 of 2017.

## Facts

Rana Saria Poly Pack Private Limited filed a section 9 application against the corporate debtor, which was admitted, and CIRP was initiated.

Simbhaoli Sugars Limited stated that the resolution plan submitted by NCIRCLE Exim LLP was approved without considering that the CIRP was carried out against the interest of the stakeholders and in violation of the mandatory provisions of IBC.

The Resolution Professional filed various applications before the NCLT for realization of outstanding amounts totaling Rs. 85 crores from the promoters of the corporate debtor.

The NCLT vide order dated 6.1.2020, directed the Resolution Professional to consider resolution plans received and place them before the Committee of Creditors (CoC).

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## Issues and analysis

### Issue 1: Whether the third valuation report was obtained …

**Ratio:** The CIRP Regulations outline the procedure for appointment of registered valuers and

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**Reasoning:** The tribunal found that the third valuation was not in accordance with the stipulated

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**Interpretation:** The appointment of registered valuers is to be done in accordance with the

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**Application:** The tribunal discarded the third valuation report and directed that the average

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…
- **Appellants:** M/s Rana Saria…; Simbhaoli Sugar…
- **Respondents:** Uniworld Sugars…; NCIRCLE Ex…
- **Other parties:** Committee of…; IDBI Bank…; +6 more
- **Advocates:** Saurav Ag…; Sahil Ta…; +14 more

## Timeline

- **2022-04-12 — Judgment…**: Judgment was delivered…
- **2021-03-17 — Impugned Ord…**: The appellants are aggrieved by the order dated 17.3.2021 in IA No. 290 of 2020 in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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