# In the matter of Mount Shivalik Industries Ltd. IA No. 186-JPR-2019 in CP (IB) No. 86-ND-2017, T.A. No. 83(ND)-2018

> NCLT judgment dated 2021-10-13. Citation: TCN-2021-NCLT-00741. The Oriental Bank of Commerce, a financial creditor, initiated corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 13 Oct 2021
- **Citation:** TCN-2021-NCLT-00741
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mount-shivalik-industries-ltd-ia-no-186-jpr-2019-in-cp-ib-no-86-nd-2017-ta-no-83-6d6c6ee4

## Summary

### Background

The Oriental Bank of Commerce, a financial creditor, initiated corporate insolvency resolution process (CIRP) against Mount Shivalik Industries Limited, the corporate debtor, by filing CP (IB) No. 86(ND)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the CP on 12.06.2018 and declared a moratorium. Ms. Pratibha Khandelwal was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 15.06.2018, and claims were received from five financial creditors. The Committee of Creditors (CoC) was constituted, and in its first meeting on 12.07.2018, it resolved to continue the IRP as the Resolution Professional (RP). The CoC discussed and decided on eligibility criteria for resolution plans. Form G

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## Facts

The Oriental Bank of Commerce initiated CIRP against Mount Shivalik Industries Limited under Section 7 of the IBC. The Adjudicating Authority admitted the case and appointed Ms. Pratibha Khandelwal as IRP. A public announcement was made, and claims were received from five financial creditors, leading to the formation of a CoC. The CoC decided to continue Ms. Khandelwal as RP. The CoC established eligibility criteria for resolution plans. Form G was published, and four prospective resolution applicants submitted expressions of interest. The CoC was reconstituted, and voting shares were revised. Carlsberg India and Som Distilleries submitted resolution plans. A fresh EOI was issued. The Adjudicating Authority allowed exclusion of certain periods lost in litigation. Som

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Kals Distilleries Pvt. Ltd. complies with the requirements …

**Ratio:** Section 30(2) of the Code outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it met the requirements

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be approved,

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Kals

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Oriental Bank of…
- **Respondents:** Mount Shivalik…; Sanjiv…

## Timeline

- **2017-01-01 — CP (IB)…**: CP (IB) No. 86(ND)/2017 filed by Oriental Bank of Commerce against Mount Shivalik…
- **2018-06-12 — CP Admit…**: Adjudicating Authority admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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