# In the matter of Dinesh Polytubes Pvt. Ltd. CA Nos. 363 & 521-2018 in CP (IB) No. 104-Chd-Hry-2017

> NCLT judgment dated 2019-07-12. Citation: TCN-2019-NCLT-02555. The case involves CA Nos. 363/2018 & 521/2018 in CP (IB) No.104/Chd/Hry/2017 before the…

- **Court:** NCLT
- **Order date:** 12 Jul 2019
- **Citation:** TCN-2019-NCLT-02555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dinesh-polytubes-pvt-ltd-ca-nos-363-521-2018-in-cp-ib-no-104-chd-hry-2017-cd0aa4b8

## Summary

### Background

The case involves CA Nos. 363/2018 & 521/2018 in CP (IB) No.104/Chd/Hry/2017 before the National Company Law Tribunal (NCLT), Chandigarh Bench. CA No.363 of 2018 was filed seeking approval of a resolution plan submitted by Shri Sanjay Satrodia and Shri Anoop Singh. CA No.521/2018 was filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking sanction of the resolution plan approved by the Committee of Creditors (CoC). The insolvency petition was filed by Punjab National Bank under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Dinesh Polytubes Pvt. Ltd. The CIRP was initiated after the application was admitted on 11.12.2017. The applicant was appointed as Interim

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## Facts

Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Dinesh Polytubes Pvt. Ltd. The CIRP was admitted on 11.12.2017. An Interim Resolution Professional (IRP) was appointed on 20.12.2017 and made a public announcement. Punjab National Bank, the financial creditor, submitted a claim with 100% voting share. The IRP constituted the Committee of Creditors (CoC). The CoC resolved to continue with the IRP and appointed him as RP. The RP invited resolution plans. Amit Singhal initially intended to submit a plan with Sanjay Satrodia and Anoop Singh, but later Sanjay Satrodia and Anoop Singh submitted the plan. CA No.214 of 2018 was filed for extension of the CIRP period. The resolution applicants submitted affidavits regarding their eligibility

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The NCLT examined the resolution plan to determine if it complied with each of the

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**Interpretation:** Section 30(2) is interpreted as setting a minimum standard for resolution plans

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**Application:** The NCLT found that the resolution plan met the requirements of Section 30(2),

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** Punjab National…
- **Respondents:** Dinesh Polytubes…

## Timeline

- **2017-12-11 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) was admitted against M/s Dinesh Polytubes…
- **2017-12-20 — IRP Appoi…**: Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 79 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-79)

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