# In the matter of Rana Saria Poly Pack Pvt. Ltd. & Ors. vs. Uniworld Sugars Pvt. Ltd. & Ors. Company Appeal (AT) (Ins.) No. 422 & 741 of 2021

> NCLAT judgment dated 12 Apr 2022. Citation: TCN-2022-NCLAT-00543. 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-00543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rana-saria-poly-pack-pvt-ltd-ors-vs-uniworld-sugars-pvt-ltd-ors-company-appeal-1353d7ec

## Summary

### Background

The appeals were filed under section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated March 17, 2021, which approved a resolution plan for the corporate debtor. The appellants are aggrieved by the approval of the resolution plan, citing various irregularities in the Corporate Insolvency Resolution Process (CIRP), including issues with valuation reports and the non-consideration of a forensic audit report.

## Facts

M/s. Rana Saria Poly Pack Private Limited, the appellant in CA No. 422 of 2021, stated that the corporate debtor, a Special Purpose Vehicle (SPV) formed as a Joint Venture Company of M/s. Simbhaoli Sugars Limited (SSL) and EDF Mann Group, took a loan of Rs. 100 crores from IDBI Bank in 2012. This loan was secured by personal guarantees from SSL's promoters and a pledge of their shareholding in the SPV. Upon default, DRT proceedings were initiated, and Rana Saria Poly Pack Private Limited filed a section 9 application, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

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## Issues and analysis

### Issue 1: Whether the third valuation report, which significantly reduced the liquidation value, was obtained…

**Ratio:** The third valuation report, which showed a significant disparity from the initial two…

**Reasoning:** The NCLAT noted that the first two valuations on May 28, 2018, showed liquidation values…

**Interpretation:** The court interpreted CIRP Regulations 27 and 35 as mandatory for the…

**Application:** Given the significant difference between the third valuation and the first two,…

## Parties

- **Judges:** Alok Sriv…
- **Advocates:** For Appel…; Saurav Ag…; +10 more

## Timeline

- **2012 — Loan taken by Corporate…**: The corporate debtor, a Joint Venture Company of M/s. Simbhaoli Sugars Limited and EDF…
- **May 28, 2018 — First two val…**: Two registered valuers, M/s. Jagdish Mistry and M/s. Parag Seth, carried out valuations,…

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