# In the matter of Rainbow Papers Ltd. & Anr. IA 337-2018 in C.P. (IB) No. 88-NCLT-AHM-2017

> NCLT judgment dated 2019-02-27. Citation: TCN-2019-NCLT-04666. The case involves a resolution plan for Rainbow Papers Ltd, a corporate debtor, initiated under…

- **Court:** NCLT
- **Order date:** 27 Feb 2019
- **Citation:** TCN-2019-NCLT-04666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rainbow-papers-ltd-anr-ia-337-2018-in-cp-ib-no-88-nclt-ahm-2017-1abfa571

## Summary

### Background

The case involves a resolution plan for Rainbow Papers Ltd, a corporate debtor, initiated under the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was triggered by an application filed by Neeraj Papers Pvt. Ltd., an operational creditor, under Section 9 of the IBC. The CIRP commenced with the appointment of an Interim Resolution Professional (IRP), followed by a public announcement inviting claims from creditors. A Committee of Creditors (CoC) was constituted, and the IRP was replaced by Mr. Ramchandra D. Chaudhary as the Resolution Professional (RP). The CoC sought expressions of interest (Eol) for resolution plans, leading to multiple submissions and revisions of plans. The resolution plan submitted by Kushal Limited jointly

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## Facts

Neeraj Papers Pvt. Ltd., an operational creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Rainbow Papers Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. The IRP was replaced by Mr. Ramchandra D. Chaudhary as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and expressions of interest (Eol) were invited for resolution plans. Kushal Limited jointly with Mr. Sandip Agrawal submitted a resolution plan, which was approved by the CoC with a majority vote of 72.79%. The RP filed an application under Section 30(6) read with

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Applicant meets the requirements of Section …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016 specifies the requirements that

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**Reasoning:** The Adjudicating Authority considered the resolution plan and found that it met the

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan,

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**Application:** In this case, the Adjudicating Authority applied the requirements of Section

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Virag Ente…
- **Respondents:** Rainbow Papers…; Ramachandra D.…

## Timeline

- **2017-09-12 — Admission of CP(IB) No.…**: The Adjudicating Authority admitted CP(IB) No. 88/2017, initiating the Corporate…
- **2017-09-22 — Appointment…**: The Adjudicating Authority appointed Shri George Samuel as the Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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