# CA & Bhavan Trivedi RP of Button Industries Private Limited vs. Income Tax Department & Ors.

> NCLT judgment dated 2026-08-11. Citation: TCN-2026-NCLT-00842. The Corporate Insolvency Resolution Process (CIRP) was initiated against Button Industries…

- **Court:** NCLT
- **Order date:** 11 Aug 2026
- **Citation:** TCN-2026-NCLT-00842
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/ca-bhavan-trivedi-rp-of-button-industries-private-limited-vs-income-tax-departme-v2ie5

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Button Industries Private Limited. The Resolution Professional (RP), CA & Bhavan Trivedi, filed an application under Section 30(6) read with Section 60(5) of the IBC, 2016, seeking approval for a Resolution Plan submitted by Wellfin Corporation and Madhav Solar Private Limited. This plan, which included a scheme of demerger, had been approved by the Committee of Creditors (CoC) with 100% voting share.

## Facts

CA & Bhavan Trivedi, RP of M/s. Button Industries Private Limited, filed an application under Section 30(6) read with Section 60(5) of the IBC, 2016.

The application sought approval of a Resolution Plan submitted by Wellfin Corporation and Madhav Solar Private Limited.

The Resolution Plan was approved by the Committee of Creditors (CoC) with 100% voting share.

The Corporate Insolvency Resolution Process (CIRP) against Button Industries Private Limited was initiated on 30.04.2025, with the appointment of an Interim Resolution Professional (IRP).

Public announcement was issued on 02.05.2025, claims were collated, and the CoC was constituted.

On 26.05.2025, CA & IP Bhavan Trivedi was appointed as the Resolution Professional (RP) in place of the IRP.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Wellfin Corporation and Madhav Solar Private Limited meets …

**Ratio:** A Resolution Plan must comply with the provisions of Section 30(2) of the IBC, 2016,

…

**Reasoning:** The Tribunal found that the plan failed to meet these requirements due to issues with

…

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

…

**Application:** The plan's proposal of only Rs. 50,000 for operational creditors against a

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** CA & Bhavan…; CA & Bhavan…
- **Respondents:** M/s. Button…; Income Tax…; +2 more
- **Other parties:** Neurich Nutrifoods…; CA & IP Bhavan…; +2 more
- **Advocates:** Ravi P…; Mayur Jug…; +2 more

## Timeline

- **2025-04-30 — CIRP Initiation and IRP…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Button…
- **2025-05-02 — Public Announcement and…**: A public announcement was issued, claims were collated, and the Committee of Creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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