# 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-02954. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of a corporate debtor,…

- **Court:** NCLT
- **Order date:** 23 Feb 2021
- **Citation:** TCN-2021-NCLT-02954
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ns-papers-limited-ia-no-246-2020-in-cp-noib-395-ald-2018-af7f20f1

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of a corporate debtor, initiated by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Pankaj Mahajan was appointed as the IRP and later confirmed as RP. The CIRP was initiated vide order dated 09.07.2019. The resolution plan submitted by Genus Paper & Board Limited was approved by the Committee of Creditors (CoC) with 100% voting share. The Resolution Professional filed an application seeking approval of the Resolution Plan under Section 31(1) of the Code. The application also sought exclusion of the lockdown period starting from 25.03.2020 due to the Covid-19 pandemic.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor on 09.07.2019, following an application by the financial creditor under Section 7 of the IBC. 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), constituted on 02.08.2019. Form-G was published, setting criteria for prospective resolution applicants. Genus Paper and Boards Limited emerged as the eligible Resolution Applicant. A request for extension of time for submission of the Resolution Plan was received, but only a three-day extension was granted. The revised Form G was published on 23.11.2019. The Resolution Plan submitted by Genus Paper and Boards Ltd. was

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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 specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Resolution Professional examined the Resolution Plan and found it to be in compliance

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**Interpretation:** This legal issue involves interpreting the requirements of Section 30(2) of the

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**Application:** The court applied the ratio to the facts by considering the Resolution

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Union Bank of…
- **Respondents:** N.S. Papers…

## 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 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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