# Approval of Resolution Plan - Shaveta Golden Foods Private Limited

> NCLT judgment dated 2019-11-07. Citation: TCN-2019-NCLT-00688. The application was filed by the Resolution Professional (RP) under Section 30(6) of the…

- **Court:** NCLT
- **Order date:** 7 Nov 2019
- **Citation:** TCN-2019-NCLT-00688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-shaveta-golden-foods-private-limited-a7c69c90

## Summary

### Background

The application was filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking sanction of the resolution plan as approved by the Committee of Creditors (CoC) on 25.05.2019. The insolvency petition was filed by the corporate applicant, Shaveta Golden Foods Pvt. Ltd., under Section 10 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated after the application was admitted on 13.09.2018. The applicant was appointed as Interim Resolution Professional (IRP) on 20.09.2018 and issued a public announcement inviting claims from creditors.

## Facts

Shaveta Golden Foods Private Limited faced insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the Code. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, consisting primarily of State Bank of India. The IRP appointed valuers to determine the liquidation value of the corporate debtor. The CoC approved a resolution plan submitted jointly by Shri Ram Prakash Singh and Smt. Indu Walia, with 100% voting share. The resolution plan addressed various aspects, including payment of insolvency resolution process costs, debts to

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the …

**Ratio:** The criteria for the resolution applicant was that the applicant should have net worth of

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**Reasoning:** The resolution applicant met the criteria set by the CoC, demonstrating the required

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**Interpretation:** The CoC has the authority to set criteria for resolution applicants based on

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**Application:** The Resolution Applicant demonstrated a net worth exceeding the CoC's

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** Shaveta Golden…

## Timeline

- **2018-09-13 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) was initiated for Shaveta Golden Foods…
- **2018-09-20 — Appointment…**: The applicant was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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