# In the matter of Nexgen Laminators Private Limited

> NCLT judgment dated 2025-05-07. Citation: TCN-2025-NCLT-00980. The case involves an application (IA No. 2960/2023) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 7 May 2025
- **Citation:** TCN-2025-NCLT-00980
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nexgen-laminators-private-limited-dcdde9b0

## Summary

### Background

The case involves an application (IA No. 2960/2023) filed by the Resolution Professional (RP) of M/s Nexgen Laminators Private Limited under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Nexgen Laminators Private Limited based on an application filed by State Bank of India under Section 7 of the IBC.

Mr. Jalesh Kumar Grover was appointed as the Resolution Professional (RP).

The Committee of Creditors (CoC) was formed, comprising Small Industrial Development Bank of India (SIDBI), State Bank of India, and Canara Bank.

Several meetings of the CoC were held to discuss the resolution process, including the appointment of the RP, publication of Form-G, and evaluation of resolution plans.

Multiple extensions of the CIRP period were sought and granted.

Six resolution plans were received, including one from Mr. Rajesh Singla, the promoter of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority analyzed the resolution plan to determine if it complied with

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**Interpretation:** The Adjudicating Authority interpreted the provisions of Section 30(2) to

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**Application:** The Adjudicating Authority found that the resolution plan met most of the

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## Parties

- **Judges:** Harnam Singh…; UMESH KUMAR…
- **Appellants:** State Bank of…; Jalesh Kumar…
- **Respondents:** Nexgen Laminators…; M/s Nexgen…
- **Other parties:** Ms.Ritu R…; Ritu Ra…; +1 more
- **Advocates:** G.S. S…; Eshna K…; +1 more

## Timeline

- **2018 — CP (IB) No.406/Chd/Pb/20…**: CP (IB) No.406/Chd/Pb/20…
- **2019-11-25 — Order initiat…**: The Order initiating CIRP against the Corporate Debtor was passed by this Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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