# In the matter of NS Papers Limited IA No. 246-2020 in CP No.(IB) 395-ALD-2018

> NCLT judgment dated 2021-02-23. Citation: TCN-2021-NCLT-02955. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of N.S Papers Limited.…

- **Court:** NCLT
- **Order date:** 23 Feb 2021
- **Citation:** TCN-2021-NCLT-02955
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ns-papers-limited-ia-no-246-2020-in-cp-noib-395-ald-2018-00f04076

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of N.S Papers Limited. The CIRP was initiated following the admission of an application filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Pankaj Mahajan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published Form-G (Invitation for expression of interest) and evaluated the received EOIs. After complying with objections, a final list was issued, with M/s Genus Paper and Boards Limited emerging as the eligible Resolution Applicant. The Committee of Creditors (CoC) comprised of PNB and Union Bank of India. The resolution plan submitted by Genus Paper & Board Limited was

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against N.S Papers Limited following an application by a financial creditor under Section 7 of the IBC. Mr. Pankaj Mahajan was appointed as the IRP and later confirmed as RP. The CoC consisted of PNB (77.66% voting share) and Union Bank of India (22.34% voting share). Form-G was published, setting criteria for prospective resolution applicants (net worth of Rs.15 Crores/turnover of 100 crores/Positive PAT). Genus Paper and Boards Limited emerged as the successful Resolution Applicant. The resolution plan was initially valued at Rs.67 crores, later increased to Rs.82.10 crores. The CoC approved the plan with 100% voting share. The RP issued a letter of intent to Genus Paper and Boards Limited, who

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Genus Paper & Board Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the CIRP Regulations specify the mandatory

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**Reasoning:** The Resolution Professional examined the Resolution Plan and certified that it complies

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**Interpretation:** Section 30(2) and Regulation 38 are interpreted to ensure that the resolution

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**Application:** The Resolution Plan submitted by Genus Paper & Board Limited was found to

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** N.S. Papers…; Union of…
- **Advocates:** Sumit S…; Sanjeev…; +1 more

## Timeline

- **2019-07-09 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2019-08-02 — CoC Consti…**: Committee of Creditors…

## 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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