# In the matter of Garg Inox Ltd. CP (IB) No. 194(ND)-2017

> NCLT judgment dated 2018-12-04. Citation: TCN-2018-NCLT-00201. The application was filed under Section 30(6) read with Regulation 39(4) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Dec 2018
- **Citation:** TCN-2018-NCLT-00201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/garg-inox-ltd-cp-ib-no-194nd-2017-787e7f92

## Summary

### Background

The application was filed under Section 30(6) read with Regulation 39(4) of the Insolvency and Bankruptcy Code by the Resolution Professional, seeking approval of the Resolution Plan for Garg Inox Ltd., a Corporate Debtor incurring losses. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Financial Creditor, State Bank of India. The petition was admitted on 2017-07-25, and Mr. Sanjay Gupta was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. The RP undertook steps including publication, convening meetings of the Committee of Creditors (CoC), and collating claims.

## Facts

The Corporate Debtor, Garg Inox Ltd., was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Financial Creditor, State Bank of India. The petition was admitted on 2017-07-25. Sanjay Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP collated claims from various creditors, including State Bank of India (Rs. 18733.94 Lakhs), SIDBI (Rs. 236.03 Lakhs), Aditya Birla Finance Ltd. (Rs. 994.35 Lakhs), and others. The RP also obtained valuations of the Corporate Debtor's assets. The CoC approved a resolution plan submitted by Bansal High Carbons Pvt. Ltd., offering Rs. 72 crores. The resolution plan involves a phased payment to State Bank of India and the transfer of equity

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Bansal High Carbons Pvt. Ltd. complies with the …

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

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**Reasoning:** The Adjudicating Authority found that the resolution plan submitted by Bansal High

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**Interpretation:** Section 30(2) ensures that the resolution plan adheres to the legal framework

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

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Sanjay…
- **Respondents:** Garg Inox…

## Timeline

- **2017-07-25 — Admission of…**: The petition filed by State Bank of India was admitted, initiating the Corporate…
- **2018-03-31 — Bid Date…**: Reference to the bid date in the context of handing over physical possession of 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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