# In the matter of Benlon India Limited IA-1519 & 3630-2020 in (IB) 1612 (ND)-2018

> NCLT judgment dated 2020-10-20. Citation: TCN-2020-NCLT-00361. The case involves the Corporate Insolvency Resolution Process (CIRP) of Benlon India Limited.…

- **Court:** NCLT
- **Order date:** 20 Oct 2020
- **Citation:** TCN-2020-NCLT-00361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/benlon-india-limited-ia-1519-3630-2020-in-ib-1612-nd-2018-8bbd3f34

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Benlon India Limited. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by an Operational Creditor, leading to the admission of Benlon India Limited into insolvency on 19.12.2018. Ritu Rastogi was appointed as the Interim Resolution Professional and later continued as the Resolution Professional (RP). The RP carried out public announcements, collated claims, and constituted a Committee of Creditors (CoC). The RP sought expressions of interest for resolution plans, extended deadlines for submissions, and engaged with potential resolution applicants. The CIRP period was extended multiple times. The Resolution Applicant, Surinder Kumar Chawla,

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## Facts

Benlon India Limited was admitted into insolvency on 19.12.2018 following an application under Section 9 of the IBC. Ritu Rastogi was appointed as the Interim Resolution Professional and later continued as the Resolution Professional (RP). The RP carried out public announcements, collated claims, and constituted a Committee of Creditors (CoC). The RP sought expressions of interest for resolution plans, extended deadlines for submissions, and engaged with potential resolution applicants. The CIRP period was extended multiple times. Surinder Kumar Chawla was shortlisted as the Successful Resolution Applicant (SRA). The NCLAT directed the submission of the approved resolution plan in a sealed cover. The CoC meetings were held to discuss the resolution plan, and the SRA

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## Issues and analysis

### Issue 1: Whether the Resolution Plan fulfills the requirements of Section 30(2) of the IBC and Regulations …

**Ratio:** Section 30(2) of the IBC and Regulations 37 and 38 of the IBBI Regulations outline the

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with the

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**Interpretation:** Section 30(2) of the IBC and Regulations 37 and 38 of the IBBI Regulations are

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**Application:** The Adjudicating Authority found that the Resolution Plan fulfilled the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Ritu Ra…
- **Respondents:** Benlon India…; RIYAL PA…

## Timeline

- **2018-12-19 — Admission into…**: Benlon India Limited was admitted into…
- **2018-12-23 — Public Announcement of…**: The Applicant carried out public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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