# In the matter of India Stuffyarn Limited I.A. No. 3383-2021 in IB-2602(ND)2019

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04554. The case pertains to I.A. No. 3383/2021 filed in IB-2602(ND)/2019 under Section 30(6) of the…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04554
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/india-stuffyarn-limited-ia-no-3383-2021-in-ib-2602nd2019-98d82b99

## Summary

### Background

The case pertains to I.A. No. 3383/2021 filed in IB-2602(ND)/2019 under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of IBBI (CIRP) Regulations, regarding the corporate insolvency resolution process (CIRP) of India Stuffyarn Limited. The Resolution Professional (RP), Mr. Mohd Nazim Khan, submitted a resolution plan approved by the Committee of Creditors (CoC). The CIRP was initiated following an application by an operational creditor, and the RP was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and registered valuers and forensic/transaction auditors were appointed. The CoC was constituted, and meetings were held to discuss the resolution plan and related matters.

## Facts

The Resolution Professional (RP) for India Stuffyarn Limited filed an application (I.A. No. 3383/2021) seeking approval of a Resolution Plan under Section 31(1) of the Insolvency and Bankruptcy Code (IBC). The RP, Mr. Mohd Nazim Khan, submitted the plan after it was approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against India Stuffyarn Limited (Corporate Debtor) based on an application by an operational creditor. The RP was appointed as the Interim Resolution Professional (IRP) initially. Public announcements were made to intimate the commencement of CIRP and call for claims. Registered valuers and forensic/transaction auditors were appointed. The CoC was constituted, and meetings were held to discuss the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Applicant meets the requirements of Section …

**Ratio:** Section 30 and 31 of the IBC, 2016, along with Regulations 37, 38, 38(1A), and 39(4) of

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Resolution Professional

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**Interpretation:** Section 30 and 31 of the IBC, 2016, outline the process and criteria for the

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**Application:** The Adjudicating Authority determined that the resolution plan filed with the

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** Mohd. Nazi…
- **Respondents:** INDIA STUFFYARN…

## Timeline

- **2021-03-11 — Moratorium…**: Order of moratorium passed by the…
- **2021-03-14 — Public Annou…**: Public announcement in Financial Express (English and Hindi) for intimating 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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