# In the matter of Kimaya Industries Private Limited

> NCLT judgment dated 2025-09-17. Citation: TCN-2025-NCLT-01410. An application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 17 Sept 2025
- **Citation:** TCN-2025-NCLT-01410
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/kimaya-industries-private-limited-1b527568

## Summary

### Background

An application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional of the corporate debtor seeking approval of the resolution plan.

## Facts

The Operational Creditor filed an insolvency application under Section 9 of the Code against the Corporate Debtor.

The CIRP was initiated against the Corporate Debtor vide order dated 03.02.2023, and the applicant was appointed as IRP.

The Committee of Creditors (CoC) was constituted on 27.02.2023, comprising of sole Financial Creditor i.e. Khodiyar Krupa Fabrics.

The Resolution Professional (RP) published Form G for Expression of Interest (Eol) on 01.04.2023.

The RP received three Eols from Prospective Resolution Applicants (PRAs).

The resolution plan submitted by Rakesh Omprakash Bhandari on 16.08.2023 was approved by the CoC with 100% votes.

The fair value of the assets was Rs. 56,82,090/- and the liquidation value was Rs. 55,68,116/-.

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## Issues and analysis

### Issue 1: Whether the resolution plan is in compliance with Section 30(2) of the Insolvency and Bankruptcy …

**Ratio:** The resolution plan must comply with Section 30(2) of the Code, which requires that the

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**Reasoning:** The Adjudicating Authority found that the resolution plan did not consider the dues to

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**Interpretation:** Section 30(2) mandates that a resolution plan must adhere to all legal

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**Application:** The Adjudicating Authority rejected the resolution plan because it failed to

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Rajendra…
- **Respondents:** Kimaya Industries…
- **Other parties:** Khodiyar Krupa…; Gautam D…; +2 more
- **Advocates:** Sumit P…

## Timeline

- **2023-02-03 — Order Da…**: Order passed initiating CIRP…
- **2023-02-07 — Public Annou…**: Public announcement inviting claims…

## 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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