# In the matter of MOLINA CHEMICALS PRIVATE LIMITED

> NCLT judgment dated 2025-11-03. Citation: TCN-2025-NCLT-01577. An application was filed under Section 30 r/w Section 31 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 3 Nov 2025
- **Citation:** TCN-2025-NCLT-01577
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/molina-chemicals-private-limited-abb0c2f3

## Summary

### Background

An application was filed under Section 30 r/w Section 31 of the Insolvency and Bankruptcy Code, 2016 r.w. Regulation 39(4) of the IBBI (IRCP) Regulations, 2016 for approval of a resolution plan submitted by Sonal Sumit Mehta jointly with M/s Shivay Enterprise for the Corporate debtor-M/s Molina Chemicals Private Limited.

## Facts

The financial creditor, Skylead Chemicals Limited, filed an insolvency application under Section 7 of the Code for initiation of CIRP against the Corporate Debtor, Molina Chemicals Private Limited, which was admitted vide order dated 02.08.2024.

The applicant was appointed as IRP, and a public announcement inviting claims from creditors was made on 04.08.2024, with the last date for submission of claims being 16.08.2024.

The IRP constituted the final Committee of Creditors (CoC) on 24.08.2024, comprising of sole Unsecured Financial Creditor, Skylead Chemicals Limited.

The 1st CoC meeting was held on 31.08.2024, where the IRP was confirmed as RP by the CoC.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the …

**Ratio:** The Resolution Plan is not in compliance with the mandatory compliances as stipulated

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**Reasoning:** The liquidation value of the assets has not been assessed properly, and the RP has not

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**Interpretation:** Section 30(2) of the IBC mandates certain compliances for a resolution plan to

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**Application:** The Adjudicating Authority found that the Resolution Plan failed to meet these

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Skylead Chemicals…; CA Gomti Ramchandr…; +2 more
- **Respondents:** Molina Chemicals…
- **Other parties:** Rajendrakumar…; Commissioner of…; +1 more
- **Advocates:** Atul Sh…

## Timeline

- **02.08.2024 — Admission of CIRP…**: The financial creditor's insolvency application…
- **04.08.2024 — Public Annou…**: Public announcement inviting claims…

## Legal provisions

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

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