# In the matter of Gajanan Paper Mills Pvt. Ltd. M.A. No. 02-2019 In CP. No. 1745-I&BP-NCLT-MAH-2017

> NCLT judgment dated 2018-10-14. Citation: TCN-2018-NCLT-00579. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 14 Oct 2018
- **Citation:** TCN-2018-NCLT-00579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gajanan-paper-mills-pvt-ltd-ma-no-02-2019-in-cp-no-1745-ibp-nclt-mah-2017-1954338d

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan for Gajanan Paper Mills Pvt. Ltd. The Corporate Debtor was admitted into the Insolvency Resolution Process following an order by the Adjudicating Authority on 2018-04-12. The RP, Mr. Mahendra Prasad Jindal, was appointed as Interim Resolution Professional (IRP) and subsequently confirmed as RP. The Committee of Creditors (CoC) approved the resolution plan with 100% voting in its meeting held on 2018-12-18.

## Facts

Gajanan Paper Mills Pvt. Ltd. was admitted into the Insolvency Resolution Process (IRP) by an order of the Adjudicating Authority on 2018-04-12. Mr. Mahendra Prasad Jindal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued a public announcement on 2018-04-16, inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted, and its first meeting was held on 2018-05-10. The RP appointed two registered valuers on 2018-05-17 to value the assets of the Corporate Debtor. The CoC approved a resolution plan submitted by Mr. Prabhakar N. Patil on 2018-12-18 with 100% voting. The Resolution Applicant (RA) filed an affidavit on 2019-02-14, agreeing to increase the payment

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Applicant complies with the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it met the requirements

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**Interpretation:** Section 30(2) sets the mandatory criteria for a resolution plan to be

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**Application:** The resolution plan was found to comply with Section 30(2) as it addressed the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Mahendra Prasad…
- **Respondents:** Gajanan Paper…
- **Advocates:** Jayesh R…

## Timeline

- **2018-04-12 — Admission i…**: Gajanan Paper Mills Pvt. Ltd. was put under Insolvency Resolution Process by an order of…
- **2018-04-16 — Public Annou…**: Mr. Mahendra Prasad Jindal, the IRP, issued a Public Announcement inviting the Creditors…

## 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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