# In the matter of Capital Auto Rubber Products Private Limited IA No. 4523-2020 in CP (IB) No. 826-ND-2019

> NCLT judgment dated 2021-02-08. Citation: TCN-2021-NCLT-03095. The application was filed by the Resolution Professional for the approval of a Resolution Plan…

- **Court:** NCLT
- **Order date:** 8 Feb 2021
- **Citation:** TCN-2021-NCLT-03095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/capital-auto-rubber-products-private-limited-ia-no-4523-2020-in-cp-ib-no-826-nd-cf82979e

## Summary

### Background

The application was filed by the Resolution Professional for the approval of a Resolution Plan under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Facts

The instant application was filed by Mr. Umesh Gupta, the Resolution Professional (RP), seeking approval of a Resolution Plan under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Plan had been duly approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) for Capital Auto Rubber Products Private Limited was initiated by M/S Bajaj Rubber Company Private Limited, an Operational Creditor, under Section 9 of the IBC. The National Company Law Tribunal (NCLT) admitted the petition on September 6, 2019, and appointed Mr. Kumud Shekhar as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mrs. Monisha Gupta and Mr. Bharat Chatrath complies with …

**Ratio:** The Resolution Plan, having been approved by 100% of the CoC and complying with the

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**Reasoning:** The CoC, with 100% voting, approved the resolution plan, and the RP filed a Compliance

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**Interpretation:** The court interpreted Section 30(1), Section 30(2)(a), Section 30(2)(b),

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**Application:** The Resolution Plan proposes payment of CIRP costs in priority, provides for

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Bajaj Rubber…; Umesh G…
- **Respondents:** Capital Auto…
- **Advocates:** For the Applicant:…; Swaralipi Debroy,…; +1 more

## Timeline

- **September 6, 2019 — CIRP Admi…**: The NCLT admitted the company petition (C.P. No. IB-826(ND)/2019) filed by M/S Bajaj…
- **September 12, 2019 — Public Annou…**: The IRP made a public announcement in Form A in English and Hindi newspapers for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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