# In the matter of Pradip Overseas Limited IA 549(AHM) 2021 in CP (IB)-221-2019

> NCLT judgment dated 2021-10-14. Citation: TCN-2021-NCLT-00734. The application IA/549(AHM)2021 was filed under Section 30(6) and Section 31 read with Section…

- **Court:** NCLT
- **Order date:** 14 Oct 2021
- **Citation:** TCN-2021-NCLT-00734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pradip-overseas-limited-ia-549ahm-2021-in-cp-ib-221-2019-141e479d

## Summary

### Background

The application IA/549(AHM)2021 was filed under Section 30(6) and Section 31 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, along with Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Debtor) for approval of the resolution plan for Pradip Overseas Limited. The corporate debtor was admitted into CIRP on 09.11.2020. The IRP made a public announcement on 11.11.2020 and constituted a Committee of Creditors (CoC). The RP was later confirmed by CoC in the 1st meeting held on 09.12.2020. The RP, with the consent of CoC, appointed valuers. Form G was published on 23.01.2021, and four EOIs were received. Two resolution plans were received from prospective resolution applicants, namely, Mr. Pradip J Karia & Ors and CA Patel Textile

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## Facts

The Corporate Debtor, Pradip Overseas Limited, was admitted into CIRP by an order of the Adjudicating Authority dated 09.11.2020. Mr. Ravi Kapoor was appointed as the Resolution Professional. The IRP made a public announcement on 11.11.2020 and constituted a Committee of Creditors (CoC) comprising four financial creditors: Standard Charted Bank, Invent Assets Securitization & Reconstruction Private Limited, Phoenix ARC Pvt. Ltd., and State Bank of India, with voting shares of 4.40%, 86.98%, 2.61%, and 6.02% respectively. The RP published Form G on 23.01.2021, receiving four EOIs. Two resolution plans were received from Mr. Pradip J Karia & Ors and CA Patel Textile Pvt. Ltd. The CoC approved the resolution plan submitted by Mr. Pradip Karia with 95.60% votes on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the requirements of …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority considered the submissions made by both sides and the material

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**Interpretation:** Section 30(2) of the IBC, 2016, outlines the mandatory requirements for a

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**Application:** The Adjudicating Authority determined that the Resolution Plan complied with

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Ravi Kapoor RP of…
- **Respondents:** Pradip Overseas…; Standard Chartered…

## Timeline

- **2020-11-09 — Admission in…**: The Corporate Debtor was admitted into CIRP…
- **2020-11-11 — Public Annou…**: The IRP made a public…

## 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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