# In the matter of Kanak Pulp and Paper Mill Private Limited IA (IB) No. 22-CB-2021 in TP No. 192-CTB-2019

> NCLT judgment dated 2021-11-01. Citation: TCN-2021-NCLT-00624. The case involves an application under section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Nov 2021
- **Citation:** TCN-2021-NCLT-00624
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kanak-pulp-and-paper-mill-private-limited-ia-ib-no-22-cb-2021-in-tp-no-192-ctb-2-5ba5a53e

## Summary

### Background

The case involves an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Kanak Pulp and Paper Mill Private Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order by the Adjudicating Authority on 14.11.2019. Dena Bank, the Financial Creditor, initiated the process. Jagdish Kumar Parulkar, the Resolution Professional, filed the application.

## Facts

Dena Bank initiated CIRP against Kanak Pulp and Paper Mill Private Limited. The CIRP commenced on 2019-11-14. Jagdish Kumar Parulkar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Two sets of valuers were appointed to determine the fair value and liquidation value of the assets. Seven meetings of the Committee of Creditors (CoC) were held. Vedara India Ventures Private Limited and Mr. Sanjiv Kumar Rathi and Mrs. Divya Sanjiv Rathi submitted a resolution plan, which was later modified. The CoC approved the resolution plan with a 100% vote share on 2020-08-14. The resolution applicants submitted an affidavit confirming their eligibility under section 29A. The resolution plan proposed an overall plan amount of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the mandatory

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with all

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must provide for

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**Application:** The Resolution Plan submitted by Vedara India Ventures Private Limited was

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Jagdish Kumar…
- **Respondents:** Kanak Pulp and…

## Timeline

- **2019-11-14 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced by…
- **2019-12-13 — First CoC M…**: Mr. Jagdish Kumar Parulkar was confirmed as Resolution Professional by the CoC in their…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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