# In the matter of India Pencillins Limited IA No. 320-2020 in CP (IB) No. 645-9-HDB-2019

> NCLT judgment dated 2020-05-29. Citation: TCN-2020-NCLT-01286. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 May 2020
- **Citation:** TCN-2020-NCLT-01286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/india-pencillins-limited-ia-no-320-2020-in-cp-ib-no-645-9-hdb-2019-000f4188

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, for approval of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s India Pencillins Limited/Corporate Debtor, which was admitted by the Tribunal on 05.11.2019. Mr. Madasa Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP convened four Committee of Creditors (CoC) meetings. The resolution plan was submitted by M/s MAC LABS LIMITED and approved by the CoC with 76.71% voting share of the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s India Pencillins Limited after the Tribunal admitted the case on 05.11.2019. Mr. Madasa Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP carried out public announcements, collated claims, and constituted a Committee of Creditors (CoC) with 18 operational creditors. The RP appointed two valuers to determine the fair value and liquidation value of the Corporate Debtor. The CoC convened four meetings. M/s Mac Labs Limited submitted a resolution plan, which was revised and approved by the CoC with 76.71% voting share on 17.03.2020. The resolution plan proposed a payment of Rs. 16.50 Lakhs within 10 days of approval.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Mac Labs Limited complies with the provisions of …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet to

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**Reasoning:** The Resolution Professional examined the Resolution Plan with reference to the provisions

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the resolution plan

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**Application:** In this case, the Resolution Professional certified that the resolution plan

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## Parties

- **Judges:** Ratakonda…
- **Respondents:** India Pencillins…; India Pencillins…
- **Advocates:** J V L Bh…; Ms JVL Bh…

## Timeline

- **2019-11-05 — Admission o…**: The Tribunal admitted the Corporate Insolvency Resolution Process (CIRP) against M/s…
- **2019-11-05 — Appointment…**: Mr. Madasa Kumar was appointed as 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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