# In the matter of Hwashin Industries Private Limited CA No. 247-2019 in CPNo.(IB) 239-ALD-2018

> NCLT judgment dated 2020-01-07. Citation: TCN-2020-NCLT-02474. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLT-02474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hwashin-industries-private-limited-ca-no-247-2019-in-cpnoib-239-ald-2018-4bb638df

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Hwashin Industries Private Limited. The CIRP was initiated following an application filed by the Corporate Debtor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Devendra Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and they approved the eligibility criteria for Prospective Resolution Applicants (PRA). M/S K.B. Polychem India Limited was the sole PRA to submit an Expression of Interest (EOI) and was found eligible to participate in the resolution process. The initial 180-day CIRP period was extended by 90 days by the Adjudicating

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Hwashin Industries Private Limited based on an application filed by the Corporate Debtor itself under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Devendra Singh was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and they established eligibility criteria for Prospective Resolution Applicants (PRAs). M/S K.B. Polychem India Limited emerged as the sole PRA, submitting an Expression of Interest (EOI) and being deemed eligible to participate in the resolution process. The initial 180-day CIRP period was extended by 90 days by the Adjudicating Authority. M/S

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s K.B. Polychem (India) Limited meets the requirements …

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

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

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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 Adjudicating Authority found that the resolution plan submitted by M/s K.B.

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/s K.B Tradexim…
- **Respondents:** Hwashin Industries…
- **Advocates:** Zain A…

## Timeline

- **2019-01-10 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against Hwashin Industries Private…
- **2019-02-09 — CoC Meet…**: CoC of the Corporate Debtor resolved to appoint Mr. Devendra Singh as Resolution…

## Legal provisions

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

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