# In the matter of SHREE RAM COTTEX INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2025-10-17. Citation: TCN-2025-NCLT-01506. The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Oct 2025
- **Citation:** TCN-2025-NCLT-01506
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/shree-ram-cottex-industries-private-limited-2a53227e

## Summary

### Background

The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, regarding the approval of a resolution plan for Shree Ram Cottex Industries Private Limited. The CIRP was initiated following an application under Section 7 by Raj Radhe Finance Limited, a Financial Creditor.

## Facts

CIRP was initiated on 17.07.2023 following an application under Section 7 of IBC by Raj Radhe Finance Limited.

Keyur Jagdishbhai Shah was appointed as Interim Resolution Professional (IRP).

Raj Radhe Finance Limited is the sole member of the Committee of Creditors (CoC) with 100% voting power.

A resolution plan submitted by Sureshbhai Govindhbhai Lunagariya was previously approved by the CoC but rejected by the Adjudicating Authority on 30.09.2024.

SPP Insolvency Professional LLP was appointed as the new Resolution Professional (RP) after the rejection of the previous plan.

Gunvantrai Vrajlal Bhadani submitted a resolution plan for Rs. 1.5 crores, which was approved by the CoC.

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** The Adjudicating Authority must be satisfied that the resolution plan meets the

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**Reasoning:** The Adjudicating Authority found that the resolution plan did not adequately address the

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** SPP Insolvency…
- **Respondents:** Shree Ram Cottex…; State Tax…
- **Other parties:** Raj Radhe Finance…; Ramnik Chakubhai…; +5 more
- **Advocates:** A.G. Sathyanarayan…; Nipun Si…; +2 more

## Timeline

- **2023-04-10 — Application under…**: Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by M/s. Raj…
- **2023-07-17 — CIRP Init…**: CIRP initiated by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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