# Approval of Resolution Plan - Kalyanpur Cements Ltd.

> NCLT judgment dated 2018-01-31. Citation: TCN-2018-NCLT-01888. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Kalyanpur Cements…

- **Court:** NCLT
- **Order date:** 31 Jan 2018
- **Citation:** TCN-2018-NCLT-01888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-kalyanpur-cements-ltd-c7a14348

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Kalyanpur Cements Ltd. initiated by the Operational Creditor, Naresh Kumar & Company Pvt. Ltd. The Adjudicating Authority admitted the application for CIRP on May 1, 2017, and appointed Mr. Divyesh N. Desai as the Resolution Professional. Six resolution plans were received, with Dalmia Cements (Bharat) Ltd. being a prominent applicant. The Committee of Creditors (CoC) shortlisted two plans, including Dalmia Cements' plan.

## Facts

Naresh Kumar & Company Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Kalyanpur Cements Ltd. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the application on May 1, 2017, and appointed Mr. Divyesh N. Desai as the Resolution Professional. Six resolution plans were received, including one from Dalmia Cements (Bharat) Ltd., a major player in the Indian cement industry. The Committee of Creditors (CoC) shortlisted two plans, including Dalmia Cements' plan. The CoC unanimously approved Dalmia Cements' resolution plan on January 22, 2018. The Resolution Professional submitted the plan to the NCLT on January 29, 2018. The NCLT reviewed the plan and found it compliant with the Insolvency and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Dalmia Cements (Bharat) Ltd. meets the requirements of the …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 states that if the Adjudicating

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it met all the

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**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** In this case, the Resolution Professional certified that the plan met the

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## Parties

- **Judges:** Jinan…
- **Appellants:** Naresh Kumar &…
- **Respondents:** Kalyanpur Cements…

## Timeline

- **2017-05-01 — Admission of CIRP…**: The Adjudicating Authority admitted the application for initiation of CIRP filed by the…
- **2018-01-22 — CoC Meet…**: The CoC unanimously approved the resolution plan submitted by Dalmia Cements (Bharat)…

## 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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