# In the matter of Shri Swwapnil Bhingardevay Vs. Ms. Khandoba Prasanna Sakharkar Khanna Limited and Ors. CA(AT)(Ins)No. 943 of 2019

> NCLAT judgment dated 2020-06-02. Citation: TCN-2020-NCLAT-00249. The appeal was filed against the Impugned Order dated 1st August, 2019, passed by the…

- **Court:** NCLAT
- **Order date:** 2 Jun 2020
- **Citation:** TCN-2020-NCLAT-00249
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shri-swwapnil-bhingardevay-vs-ms-khandoba-prasanna-sakharkar-khanna-limited-and-08df7d15

## Summary

### Background

The appeal was filed against the Impugned Order dated 1st August, 2019, passed by the National Company Law Tribunal, Mumbai Bench, which approved the Resolution Plan of M/s. Sai Agro (India) Chemicals (Respondent No.2 – SRA). The Appellant, promoter and Director of the Corporate Debtor, claimed the Corporate Debtor is MSME. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by a Financial Creditor against the Corporate Debtor. The Appellant contested the acceptance of the Resolution Plan, alleging material irregularities and non-compliance with IBC provisions.

## Facts

Shri Swwapnil Bhingardevay, the promoter and Director of the Corporate Debtor, filed an appeal against the approval of the Resolution Plan of M/s. Sai Agro (India) Chemicals (SRA). The Corporate Debtor, Khandoba Prasanna Sakharkar Khana Limited, underwent CIRP after an application under Section 7 of IBC was filed by The Karad Urban Co-operative Bank Ltd. The Appellant claimed the Corporate Debtor is an MSME. The Appellant argued that the Resolution Plan was approved with material irregularities, including the failure to maintain confidentiality regarding the liquidation value, non-publication of a proper notice inviting expression of interest, and the hasty approval of the Plan without due examination. The Appellant also pointed out that the Resolution Plan did not

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## Issues and analysis

### Issue 1: Whether the CIRP process suffered …

**Ratio:** Section 61(3)(ii) of IBC allows the Appellate Tribunal to examine if there has been

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**Reasoning:** The Tribunal found that there was a compromise of confidentiality regarding the

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**Interpretation:** The Tribunal interpreted Section 61(3)(ii) of IBC to mean that the Appellate

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**Application:** The Tribunal applied this principle to the facts of the case and found that the

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## Parties

- **Judges:** A.I.S. C…; A.B. S…; +1 more
- **Appellants:** SWWAPNIL BHINGARDE…
- **Respondents:** Khandoba Prasanna…; M/s. Khandoba…

## Timeline

- **2017-01-01 — CP No.1368/IBC/MB/MEH/20…**: Application filed under…
- **2018-03-27 — COC Meet…**: Second meeting of COC where…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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