# Approval of Resolution Plan - Kalyanpur Cements Ltd.

> NCLT judgment dated 2018-01-31. Citation: TCN-2018-NCLT-01890. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Kalyanpur Cements…

- **Court:** NCLT
- **Order date:** 31 Jan 2018
- **Citation:** TCN-2018-NCLT-01890
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-kalyanpur-cements-ltd-d82206e3

## 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. submitting one of them. 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 Adjudicating Authority 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. The Committee of Creditors (CoC) shortlisted two plans, including the one from Dalmia Cements. The CoC unanimously approved the resolution plan submitted by Dalmia Cements in a meeting held on January 22, 2018. The Resolution Professional submitted the plan to the Adjudicating Authority on January 29, 2018. The Adjudicating Authority approved the resolution plan on January 31, 2018, finding it compliant

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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:** This section mandates that the Adjudicating Authority must approve a resolution

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**Application:** In this case, the Adjudicating Authority was satisfied that the Resolution Plan

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## Parties

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

## Timeline

- **2017-05-01 — CIRP Init…**: Adjudicating Authority admitted the application for initiation of CIRP filed by Naresh…
- **2018-01-22 — CoC Meet…**: The 10th CoC meeting was convened, and the CoC unanimously approved the Resolution Plan…

## 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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