# In the matter of Nicco Corporation Limited C.P. No. 03-KB-2017

> NCLT judgment dated 2017-10-17. Citation: TCN-2017-NCLT-00275. The case pertains to the insolvency resolution of Nicco Corporation Limited under Section 10 of…

- **Court:** NCLT
- **Order date:** 17 Oct 2017
- **Citation:** TCN-2017-NCLT-00275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nicco-corporation-limited-cp-no-03-kb-2017-c438852a

## Summary

### Background

The case pertains to the insolvency resolution of Nicco Corporation Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company application was admitted on January 18, 2017, and Kunal Banerjee was appointed as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP) by the Committee of Creditors (COC). The resolution process was initially to be completed by July 16, 2017, but was extended by 90 days until October 14, 2017, upon the recommendation of the COC. The Resolution Professional submitted a report on October 12, 2017, stating that the resolution process had failed during the COC meeting on October 6, 2017. The resolution plan for the revival of the Corporate Debtor was put to a vote during the 6th COC

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## Facts

Nicco Corporation Limited faced insolvency proceedings under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on January 18, 2017. Kunal Banerjee was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The initial deadline for the resolution process was July 16, 2017, which was extended to October 14, 2017. A resolution plan was presented to the Committee of Creditors (COC) but failed to gain approval, with 88.38% of the members voting against it during the 6th COC meeting on October 6, 2017. M/S Shreekunj Securities Pvt Ltd, a strategic investor, expressed interest but did not submit a complete proposal in time. The 7th COC meeting was held on October 11, 2017, to discuss

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## Issues and analysis

### Issue 1: Whether the Resolution Plan for Nicco Corporation Limited should be approved given the voting …

**Ratio:** A resolution plan must be approved by a specified majority of the Committee of Creditors

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**Reasoning:** The court noted that the resolution plan was rejected by 88.38% of the COC members,

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**Interpretation:** The IBC mandates that a resolution plan needs the approval of a certain

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**Application:** In this case, since the resolution plan did not receive the required majority

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## Parties

- **Judges:** Vijai Prata…; Jinan…
- **Respondents:** Nicco Corporation…

## Timeline

- **2017-01-18 — Admission of Company…**: The company application filed by Nicco Corporation Limited under Section 10 of IBC 2016…
- **2017-01-18 — Appointment…**: Sri Kunal Banerjee was appointed as…

## 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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