# In the matter of New Phaltan Sugar Works Limited M.A. No. 3271-2019 in CP No. 2956-2018

> NCLT judgment dated 2019-11-11. Citation: TCN-2019-NCLT-00637. The case involves an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 11 Nov 2019
- **Citation:** TCN-2019-NCLT-00637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-phaltan-sugar-works-limited-ma-no-3271-2019-in-cp-no-2956-2018-1c883ce4

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for New Phaltan Sugar Works Limited. The Corporate Debtor was put under Insolvency Resolution Process by an order dated 22.02.2019. Initially, Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP), later replaced by the Applicant. The Resolution Plan was approved by the Committee of Creditors (CoC) with 71.32% voting, which later became unanimous with 100% voting after M/s ED & F Man Commodities India Pvt. Ltd. changed their vote.

## Facts

New Phaltan Sugar Works Limited underwent Insolvency Resolution Process following a Tribunal order on 2019-02-22. Initially, Vishram Narayan Panchpor served as the Interim Resolution Professional (IRP) but was later replaced by the current Applicant. The CoC approved a Resolution Plan with 71.32% of the vote, which later became unanimous (100%) after a change in voting by M/s ED & F Man Commodities India Pvt. Ltd. The Resolution Plan includes provisions for payments to various stakeholders, including secured financial creditors, unsecured financial creditors, operational creditors, workmen and employees, farmers, statutory dues, and the provident fund. A significant aspect of the plan involves securing the interests of farmers, with the Resolution Applicant

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of Section 30 and 31 of the Insolvency …

**Ratio:** Section 30 and 31 of the IBC outline the requirements for a resolution plan, including

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**Reasoning:** The court examined the Resolution Plan to ensure it met the conditions specified in

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**Interpretation:** Section 30 and 31 are interpreted to ensure that the resolution plan is fair,

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**Application:** The court found that the Resolution Plan complied with Section 30 and 31, as it

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Castle Distributor…
- **Respondents:** New Phaltan Sugar…; Vivek Murlidhar…

## Timeline

- **2019-02-22 — Insolvency Resolution…**: The Corporate Debtor, New Phaltan Sugar Works Limited, was put under Insolvency…
- **2019-02-23 — Public Annou…**: The Interim Resolution Professional (IRP) issued a Public Announcement inviting claims…

## 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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