# In the matter of Banwari Enterprises Private Limited

> NCLT judgment dated 2025-11-26. Citation: TCN-2025-NCLT-01727. The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 26 Nov 2025
- **Citation:** TCN-2025-NCLT-01727
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/banwari-enterprises-private-limited-23cf906b

## Summary

### Background

The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 for approval of a resolution plan for Banwari Enterprises Pvt. Ltd., a Corporate Debtor.

## Facts

Corporate Debtor, Banwari Enterprises Pvt. Ltd., was admitted into CIRP based on an application filed by M/s. Drip Capital Inc under Section 7 of the IBC.

Neha Bhasin was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The CoC comprised solely of M/s. Drip Capital Inc.

The RP received a resolution plan from the Consortium of Mr. Kailash Thanmal Shah & M/s. Nova Dyestuff Industries Pvt. Ltd.

The RP filed an application for approval of the resolution plan before the NCLT.

The NCLT found that the resolution plan did not meet the requirements of the IBC and CIRP Regulations.

The NCLT observed that the Corporate Debtor had no ongoing business, few assets, and significant uncollected receivables.

…

## Issues and analysis

### Issue 1: Whether the resolution plan complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

…

**Reasoning:** The NCLT found that the resolution plan did not adequately address these requirements,

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**Interpretation:** The NCLT interpreted Section 30(2) as requiring a comprehensive and equitable

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**Application:** The NCLT applied this interpretation to the facts of the case and concluded

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Neha Bh…
- **Respondents:** Banwari Enterprise…
- **Other parties:** Drip Capit…; Sahil Kamal…; +2 more
- **Advocates:** Monaal Da…; Nandan…; +3 more

## Timeline

- **2024-07-05 — Initiation…**: CIRP initiated against…
- **2024-07-07 — Public Annou…**: Applicant/IRP issued public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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