# In the matter of Mohak Carpet Pvt. Ltd. CA No. 483-2019 in CP (IB) No. 271-Chd-Pb-2018

> NCLT judgment dated 2019-10-10. Citation: TCN-2019-NCLT-01057. The case involves a resolution plan submitted by Alchemist Asset Reconstruction Company Limited…

- **Court:** NCLT
- **Order date:** 10 Oct 2019
- **Citation:** TCN-2019-NCLT-01057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mohak-carpet-pvt-ltd-ca-no-483-2019-in-cp-ib-no-271-chd-pb-2018-a65cfa69

## Summary

### Background

The case involves a resolution plan submitted by Alchemist Asset Reconstruction Company Limited for Mohak Carpets Pvt. Ltd., which was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a petition filed by JFC Finance (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor's CIRP commenced on 08.10.2018. The Resolution Professional (RP) filed CA No.483/2019 under Section 30(6) of the Code seeking sanction of the resolution plan approved by the Committee of Creditors (CoC). The CoC comprised Central Bank of India and JFC Finance (India) Ltd. The resolution plan was approved in the tenth meeting of the CoC held on 03.07.2019 and through e-voting concluded on 06.07.2019.

## Facts

JFC Finance (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Mohak Carpets Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 08.10.2018. Mr. Anil Kumar was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Harvinder Singh Kohli. Public announcements were made to invite claims from creditors. Two claims were received: one from Central Bank of India (secured financial creditor) and another from JFC Finance (India) Ltd (unsecured financial creditor). The Committee of Creditors (CoC) was constituted, comprising Central Bank of India (99.83% voting share) and JFC Finance (India) Ltd (0.17% voting share). Two registered valuers determined the liquidation value of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Alchemist Asset Reconstruction Company Limited meets the …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complies with

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan is fair and

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**Application:** In this case, the Adjudicating Authority found that the resolution plan

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** Mohak Carpets…; Mohak Carpets…

## Timeline

- **2018-10-08 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-10-12 — Appointment…**: Mr. Anil Kumar was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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