# In the matter of Krrome Glass Private Limited IA (IB) No.438-KB-2021 in CP (IB) No.305-KB-2019

> NCLT judgment dated 2021-11-25. Citation: TCN-2021-NCLT-00404. The case involves an application under Section 30(6) and Section 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Nov 2021
- **Citation:** TCN-2021-NCLT-00404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krrome-glass-private-limited-ia-ib-no438-kb-2021-in-cp-ib-no305-kb-2019-e56b5a8a

## Summary

### Background

The case involves an application under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Krrome Glass Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Corporation Bank under Section 7 of the IBC, which was admitted on January 17, 2020. Ramchandra Dallaram Choudhary was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the nationwide lockdown, the CoC extended the CIRP period, and the RP filed an application for excluding the

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## Facts

Krrome Glass Private Limited faced financial distress, leading Corporation Bank to file a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on January 17, 2020. Ramchandra Dallaram Choudhary was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Due to the nationwide lockdown, the Committee of Creditors (CoC) extended the CIRP period, requiring the RP to seek exclusion of the lockdown period and extension of the CIRP period from the Adjudicating Authority. The Adjudicating Authority granted these requests. The CoC was initially composed of Union Bank of India and Corporation Bank, later reconstituted

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mega Innovative Crops Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it adequately

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum requirements that a

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**Application:** The Adjudicating Authority found that the Resolution Plan complied with Section

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Krrome Glass…

## Timeline

- **2019-01-01 — Company Pe…**: CP (IB) No.305…
- **2020-01-17 — Admission of…**: Section 7 petition filed by…

## 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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