# In the matter of Monet Exports Private Limited I.A.862 & 2298 (PB)-2020 in Company Petition No. (IB)-1347 (PB)-2018

> NCLT judgment dated 2020-06-26. Citation: TCN-2020-NCLT-01106. The case pertains to the corporate insolvency resolution process (CIRP) of M/s. Monet Exports…

- **Court:** NCLT
- **Order date:** 26 Jun 2020
- **Citation:** TCN-2020-NCLT-01106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/monet-exports-private-limited-ia862-2298-pb-2020-in-company-petition-no-ib-1347-acb54b77

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of M/s. Monet Exports Private Limited. Alchemist Asset Reconstruction, a financial creditor, initiated the CIRP by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Company Petition (IB)-1347 (PB)/2018 was admitted on 20.12.2018, imposing a moratorium under Section 14 of the Code. Mr. Kapil Dev Taneja was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) replaced Mr. Kapil Dev Taneja with Mr. Devendra Singh as the Resolution Professional (RP). The RP sought approval for a resolution plan under Section 30(6) and Section 31 of the Code.

## Facts

M/s. Alchemist Asset Reconstruction, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Monet Exports Private Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Company Petition (IB)-1347 (PB)/2018 was admitted on 20.12.2018, imposing a moratorium under Section 14 of the Code. Mr. Kapil Dev Taneja was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) replaced Mr. Kapil Dev Taneja with Mr. Devendra Singh as the Resolution Professional (RP). The RP made a public announcement on 24.12.2018 calling for the submission of claims. The CoC, in its fourth meeting, directed the RP to publish fresh Form-G to invite more prospective

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Shiva Consultants Private 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 and the compliance certificate

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**Interpretation:** Section 30(2) of the Code sets out mandatory requirements for a resolution plan

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**Application:** The Adjudicating Authority found that the resolution plan submitted by M/s.

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Respondents:** M/s. Monet…

## Timeline

- **2018-12-20 — Admission of Company…**: Company Petition (IB)-1347 (PB)/2018 was admitted, imposing a moratorium under Section 14…
- **2018-12-24 — Public Annou…**: The Interim Resolution Professional made a public announcement calling for the submission…

## 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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