# In the matter of Banwari Enterprises Private Limited

> NCLT judgment dated 2025-11-26. Citation: TCN-2025-NCLT-01826. 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-01826
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/banwari-enterprises-private-limited-a63c0b6d

## 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., which was admitted into CIRP based on an application by Drip Capital Inc.

## Facts

Banwari Enterprises Pvt. Ltd. was admitted into CIRP based on an application by 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) for Banwari Enterprises Pvt. Ltd.

The Committee of Creditors (CoC) comprised only one member, Drip Capital Inc.

The resolution plan was submitted by the consortium of Mr. Kailash Thanmal Shah & M/s. Nova Dyestuff Industries Pvt. Ltd.

The resolution plan proposed a total outlay of INR 15,00,000, with INR 5,00,000 allocated for CIRP costs and INR 10,00,000 for unsecured financial creditors.

The Tribunal noted discrepancies in the company's financials, including fictitious entries and uncollected export receivables.

…

## Issues and analysis

### Issue 1: Whether the resolution plan …

**Ratio:** The resolution plan must provide for the payment of insolvency resolution process costs,

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**Reasoning:** The Tribunal found that the resolution plan did not adequately address the requirements

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Tribunal applied Section 30(2) to the resolution plan and found that it did

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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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