# In the matter of ILC Industries Ltd. I.A.No. 12-2020 C.P. (IB)No. 155-BB-2018

> NCLT judgment dated 2020-01-13. Citation: TCN-2020-NCLT-02364. The case involves the approval of a resolution plan for ILC Industries Limited, a corporate…

- **Court:** NCLT
- **Order date:** 13 Jan 2020
- **Citation:** TCN-2020-NCLT-02364
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ilc-industries-ltd-iano-12-2020-cp-ibno-155-bb-2018-ed728288

## Summary

### Background

The case involves the approval of a resolution plan for ILC Industries Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application by Elite Brilliant Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published advertisements inviting Expression of Interest (EoI) from prospective resolution applicants. Several meetings of the Committee of Creditors (CoC) were held to discuss the evaluation matrix, eligibility criteria, and the resolution plans received. Karatagi Refineries Private Limited submitted a resolution plan that

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## Facts

Elite Brilliant Limited initiated CIRP against ILC Industries Limited under Section 9 of IBC, 2016. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published advertisements inviting Expression of Interest (EoI) from prospective resolution applicants. Karatagi Refineries Private Limited submitted a resolution plan. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share on December 16, 2019. The resolution plan includes provisions for payment to financial creditors, operational creditors, and other stakeholders. The plan also addresses the management of the corporate debtor's affairs and provides for the implementation and supervision of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Karatagi Refineries Private Limited meets the requirements …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the conditions that a resolution plan must

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**Reasoning:** The NCLT examined the resolution plan to ensure that it complies with the requirements of

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**Interpretation:** Section 30(2) of the IBC, 2016, is interpreted to mean that a resolution plan

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**Application:** The NCLT found that the resolution plan submitted by Karatagi Refineries

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Elite…
- **Respondents:** M/s ILC Industries…

## Timeline

- **2018-01-01 — CIRP Init…**: C.P.(IB)No.155/BB/2018 filed by M/s. Elite…
- **2019-04-16 — CIRP Admi…**: CIRP admitted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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