# In the matter of Ganeshom Cereals Private Limited CA No. 813-2019 in CP (IB) No. 45-Chd-Hry-2018

> NCLT judgment dated 2020-05-18. Citation: TCN-2020-NCLT-01353. The case pertains to an application filed by the Resolution Professional (RP) under Section 31…

- **Court:** NCLT
- **Order date:** 18 May 2020
- **Citation:** TCN-2020-NCLT-01353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ganeshom-cereals-private-limited-ca-no-813-2019-in-cp-ib-no-45-chd-hry-2018-d718fe6b

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking sanction of a resolution plan for M/s. Ganeshom Cereals Private Limited, the Corporate Debtor. The insolvency petition was filed by the Financial Creditor, Allahabad Bank, under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order dated 13.12.2018. An Interim Resolution Professional (IRP), Mr. Bhupesh Gupta, was appointed, who then issued a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, comprising Punjab National Bank and Allahabad Bank. The RP appointed valuers to determine the

…

## Facts

Allahabad Bank, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Ganeshom Cereals Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered due to the corporate debtor's default. The CIRP commenced on 13.12.2018. Bhupesh Gupta was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Vivek Kumar Arora. A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, consisting of two financial creditors: Punjab National Bank and Allahabad Bank. The IRP appointed valuers to assess the liquidation value of the corporate debtor's assets. The CoC, in its meeting on 25.01.2019, decided

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Devki Retails Private Limited meets the requirements …

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

…

**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure compliance with each

…

**Interpretation:** Section 30(2) is interpreted as a safeguard to protect the interests of various

…

**Application:** In this case, the resolution plan was found to comply with Section 30(2)

…

## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** M/s. Ganeshom…

## Timeline

- **2018-12-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Ganeshom Cereals…
- **2018-12-19 — Appointment…**: Mr. Bhupesh Gupta appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ganeshom-cereals-private-limited-ca-no-813-2019-in-cp-ib-no-45-chd-hry-2018-d718fe6b