# In the matter of Aeon Manufacturing Private Limited IA (IB) No.279-KB-2021 in CP (IB) No. 683-KB-2018

> NCLT judgment dated 2021-05-11. Citation: TCN-2021-NCLT-02167. The case pertains to an application filed under section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 May 2021
- **Citation:** TCN-2021-NCLT-02167
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aeon-manufacturing-private-limited-ia-ib-no279-kb-2021-in-cp-ib-no-683-kb-2018-20623bfb

## Summary

### Background

The case pertains to an application filed under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Aeon Manufacturing Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Bank of India under section 7 of the IBC, which was admitted on 30.10.2019. The Interim Resolution Professional (IRP) was appointed and subsequently confirmed as the Resolution Professional (RP). The RP invited Expressions of Interest (EoIs) from potential resolution applicants, and after several rounds of negotiation and evaluation, the Resolution Plan submitted by Indo Polysacks Private Limited was approved by the Committee of Creditors (CoC) with a 100% voting share.

## Facts

Bank of India filed a company petition (CP (IB) No. 683/KB/2018) against Aeon Manufacturing Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 30.10.2019, initiating the Corporate Insolvency Resolution Process (CIRP). Raj Singhania was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made on 02.11.2019, inviting claims from creditors. Sixteen Committee of Creditors (CoC) meetings were held during the CIRP. The RP received Expressions of Interest (EoIs) from multiple prospective Resolution Applicants (RAs). After several rounds of negotiation, the Resolution Plan submitted by Indo Polysacks Private Limited was approved by the CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Indo Polysacks Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC outlines the requirements a resolution plan must meet, including

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that a resolution plan

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**Application:** The Adjudicating Authority applied the provisions of sections 30 and 31 of the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Bank of…
- **Respondents:** Aeon Manufacturing…
- **Advocates:** Akash S…

## Timeline

- **2018-01-01 — Company Petiti…**: CP (IB) No. 683/KB/2018 filed by Bank of India…
- **2019-10-30 — Admission of…**: Company Petition…

## 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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