# In the matter of J J Solvex Private Limited IA No.243 of 2021 In CP(IB) No.223-Chd-PB-2019

> NCLT judgment dated 2022-07-08. Citation: TCN-2022-NCLT-04599. Shri Vardhman Rice Mills Private Limited, the operational creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 8 Jul 2022
- **Citation:** TCN-2022-NCLT-04599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/j-j-solvex-private-limited-ia-no243-of-2021-in-cpib-no223-chd-pb-2019-76538e2d

## Summary

### Background

Shri Vardhman Rice Mills Private Limited, the operational creditor, filed a petition under Section 9 of the IBC against M/s J J Solvex Private Limited, the corporate debtor, for initiation of CIRP. The petition was admitted on 10.02.2020, and Mr. Vishawjeet Gupta was appointed as the Interim Resolution Professional (IRP).

## Facts

Shri Vardhman Rice Mills Private Limited filed a petition under Section 9 of the IBC against M/s J J Solvex Private Limited.

The petition was admitted on 10.02.2020, and Mr. Vishawjeet Gupta was appointed as the IRP.

The IRP constituted a Committee of Creditors (CoC) with State Bank of India as the sole financial creditor.

Mr. Rakesh Kumar Singhala was appointed as the Resolution Professional (RP).

Three resolution plans were received from Shri Vikash Gupta, Shri Navneet Jain, and Shri Pankaj Kapoor.

The CoC approved the resolution plan submitted by Shri Vikas Gupta with 100% voting share on 01.01.2021.

The RP filed an application (IA No.243 of 2021) under Section 30(6) of the IBC for approval of the resolution plan.

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Shri Vikas Gupta meets the requirements of Section 30(2) …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complies with

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**Interpretation:** The resolution plan provides for the payment of insolvency resolution process

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**Application:** The resolution plan submitted by Shri Vikas Gupta meets the requirements of

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Vardhman Rice…; Rakesh Kumar…
- **Respondents:** M/s J J Solvex…
- **Other parties:** State Bank of…; Vishawjeet…
- **Advocates:** Rakshit…; Munisha G…; +2 more

## Timeline

- **2020-02-10 — Admission of…**: Petition filed by Shri Vardhman Rice Mills…
- **2020-02-10 — Appointment…**: Mr. Vishawjeet Gupta appointed as…

## 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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