# In the matter of Dhar Textile Mills Ltd. IA 730-2019 in TP 62-2019

> NCLT judgment dated 2020-06-04. Citation: TCN-2020-NCLT-01243. The document pertains to IA 730 of 2019 in TP 62 of 2019 [CP (IB) 191 of 2017] filed under…

- **Court:** NCLT
- **Order date:** 4 Jun 2020
- **Citation:** TCN-2020-NCLT-01243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhar-textile-mills-ltd-ia-730-2019-in-tp-62-2019-004def8b

## Summary

### Background

The document pertains to IA 730 of 2019 in TP 62 of 2019 [CP (IB) 191 of 2017] filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for The Dhar Textile Mills Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Sudip Bhattacharya was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and approve the resolution plan. Shradha Buildcon Private Limited submitted a resolution plan, which was unanimously approved by the CoC. The resolution plan was then presented to the National Company Law Tribunal (NCLT) for final approval.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against The Dhar Textile Mills Limited. Sudip Bhattacharya was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising Asset Reconstruction Company (India) Limited (ARCIL) and ASREC India Limited. Shradha Buildcon Private Limited submitted a resolution plan. The average liquidation value of the Corporate Debtor was INR 15.99 crores, while the financial bid of the Resolution Applicant was INR 23.27 Crore. The CoC approved the resolution plan with 100% voting share. The NCLT is considering the approval of the resolution plan. The loan was initially sanctioned by the Financial Creditor (State Bank of India, State Bank of Indore, and State Bank of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016 outlines the requirements that

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it adhered to the mandatory requirements

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the content and

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**Application:** The NCLT found that the Resolution Plan submitted by Shradha Buildcon Private

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Sudip Bhatt…
- **Respondents:** The Dhar Textile…

## Timeline

- **2017-01-01 — CP (IB) No. 191/7/NCLT/A…**: The original Corporate Insolvency…
- **2019-02-15 — Date of Initiation of…**: CIRP was initiated against The…

## 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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