# In th ematter of Florind Shoes Private Limited CA(CAA)-6-2021 in CP-522-IB-2018

> NCLT judgment dated 2021-06-10. Citation: TCN-2021-NCLT-01984. The case involves an application filed by the Liquidator, Mrs. Ramela Rangasamy, under sections…

- **Court:** NCLT
- **Order date:** 10 Jun 2021
- **Citation:** TCN-2021-NCLT-01984
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-th-ematter-of-florind-shoes-private-limited-cacaa-6-2021-in-cp-522-ib-2018-98679dbb

## Summary

### Background

The case involves an application filed by the Liquidator, Mrs. Ramela Rangasamy, under sections 230-232 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016, and Regulation 32 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 3(1) of the Companies (Compromise, Arrangement & Amalgamation) Rules, 2016. The application pertains to a Composite Scheme of Arrangement for M/s. Florind Shoes Private Limited, which is undergoing liquidation. The corporate debtor's CIR process was initiated on 2019-09-10, and liquidation was ordered on 2019-03-25.

## Facts

M/s. Florind Shoes Private Limited is undergoing liquidation, and Mrs. Ramela Rangasamy is the Liquidator. The CIR process was initiated on 2019-09-10. The company has 11 equity shareholders, 2 secured financial creditors (State Bank of India and India Resurgence ARC Trust II), and 5 secured and unsecured operational creditors. There are 75 unsecured operational creditors (excluding employees, workmen, and government). A Composite Scheme of Arrangement has been proposed by M/s. Florind Uppers Private Limited, M/s. Nivethana Promoters Private Limited, and Mr. Ashok Mehta. The Liquidator filed an application seeking directions for convening meetings of the Stakeholders Committee to consider the Scheme of Arrangement. The Tribunal is considering this application.

## Issues and analysis

### Issue 1: Whether the Tribunal should issue directions for convening meetings of the Stakeholders Committee …

**Ratio:** The Tribunal has the power to issue directions for convening meetings of the Stakeholders

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**Reasoning:** The Tribunal considered the submissions made by the Learned Counsel for the Applicant and

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**Interpretation:** Section 230 of the Companies Act, 2013, provides the Tribunal with wide powers

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**Application:** The Tribunal applied the provisions of Section 230 of the Companies Act, 2013,

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Ramela Ran…
- **Respondents:** M/s. Florind…; M/s. Florind…

## Timeline

- **2018-01-01 — Filing of CP/52…**: CA(CAA)/6/2021 in…
- **2019-03-25 — Liquidation…**: Tribunal ordered liquidation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 21 — Committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-21)

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