# In the matter of K.K. Gift Private Limited IA (IB) No.331-KB\-2021 in CP (IB) No.139-KB-2019

> NCLT judgment dated 2021-06-28. Citation: TCN-2021-NCLT-01908. The case pertains to an application under section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Jun 2021
- **Citation:** TCN-2021-NCLT-01908
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kk-gift-private-limited-ia-ib-no331-kb-2021-in-cp-ib-no139-kb-2019-ead2d383

## Summary

### Background

The case pertains to an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted for K.K. Gifts Private Limited, the Corporate Debtor. The underlying Company Petition in CP (IB) No. 139/KB/2019 was filed by Union Bank of India against K.K. Gifts Private Limited under section 7 of the IBC, which was admitted on 06.09.2019. Mr. Sachin Gopal Jathar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with Union Bank of India as the sole member with 100% voting rights. Invitations for Expressions of Interest (EoI) were issued,

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## Facts

Union Bank of India filed a Company Petition (CP (IB) No. 139/KB/2019) against K.K. Gifts Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 06.09.2019. Sachin Gopal Jathar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made on 08.09.2019 to invite claims from financial and operational creditors, workers, and employees, with a deadline of 20.09.2019. The Committee of Creditors (CoC) was constituted on 20.09.2019, with Union Bank of India as the sole member holding 100% voting rights. Thirteen CoC meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Sanjeev Daruka for K.K. Gifts Private Limited should …

**Ratio:** Section 30(6) of the IBC stipulates that the Adjudicating Authority shall approve a

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**Reasoning:** The NCLT considered the submissions made by the Resolution Professional and perused the

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**Interpretation:** Section 30(6) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** The NCLT, being satisfied that the Resolution Plan complied with the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** K.K. Gifts…

## Timeline

- **2019-06-09 — Admission of Company…**: Company Petition in CP (IB) No. 139/KB/2019 filed by Union Bank of India against K.K.…
- **2019-09-08 — Public Annou…**: Public announcement made to invite claims from financial and operational creditors,…

## 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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