# In the matter of NIjInoy Trading Pvt. Ltd. IA No. 794 of 2019 in CP(IB) No. 120-7-NCLT-AHM-2018

> NCLT judgment dated 2021-01-18. Citation: TCN-2021-NCLT-03289. The case pertains to an application filed by the Resolution Professional for the approval of a…

- **Court:** NCLT
- **Order date:** 18 Jan 2021
- **Citation:** TCN-2021-NCLT-03289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nijinoy-trading-pvt-ltd-ia-no-794-of-2019-in-cpib-no-120-7-nclt-ahm-2018-0d224936

## Summary

### Background

The case pertains to an application filed by the Resolution Professional for the approval of a resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 25.04.2019, following an application by a Financial Creditor under Section 7 of the IB Code. The Committee of Creditors (CoC) was formed, comprising seven financial creditors, and approved the resolution plan with a 100% vote.

## Facts

The Corporate Debtor, Nijinoy Trading Private Limited, was admitted into CIRP on 25.04.2019 following an application by a Financial Creditor. The Resolution Professional, Mr. Parwincharan P. Dwari, was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, comprising seven financial creditors, and approved the resolution plan with a 100% vote. The successful Resolution Applicant agreed to a consideration of Rs. 19.36 lakhs to the creditors of the Corporate Debtor, including CIRP costs and contingent liabilities. The resolution plan provides for the payment of Rs. 3 Lakhs CIRP cost as a priority payment. The Corporate Debtor has seven Financial Creditors with an admitted claim amount of Rs. 1,24,49,127/-, for which the

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC, 2016, outlines the requirements for a resolution plan,

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**Reasoning:** The Adjudicating Authority considered the facts and submissions made on behalf of the

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**Interpretation:** Section 30(2) of the IBC mandates that a resolution plan must adhere to all

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**Application:** The Resolution Plan submitted for approval was found to comply with all

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Parwincharan P.…
- **Respondents:** Nijinoy Trading…; Mehsana Nagrik…

## Timeline

- **2018-12-07 — Constitution of…**: The IRP constituted the Committee of Creditors (CoC) comprising of 7 (seven) Financial…
- **2019-04-25 — Admission in…**: The Corporate Debtor was admitted into CIRP vide order dated 25.04.2019 passed by this…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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