# In the matter of Raj Oils Mills Limited MA 35-2018 In CP No.1132-I&BC-MB-MAH-2017

> NCLT judgment dated 2018-04-19. Citation: TCN-2018-NCLT-01530. The case involves an application under Section 30(1) & (6) and an order under Section 31 of the…

- **Court:** NCLT
- **Order date:** 19 Apr 2018
- **Citation:** TCN-2018-NCLT-01530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raj-oils-mills-limited-ma-35-2018-in-cp-no1132-ibc-mb-mah-2017-2987507b

## Summary

### Background

The case involves an application under Section 30(1) & (6) and an order under Section 31 of the Insolvency & Bankruptcy Code 2016 concerning Raj Oil Mills Limited. The corporate debtor, Raj Oil Mills, had filed a petition invoking Section 10 of the Code. The petition was admitted on 2017-07-10, and Mr. U.V.G. Nayak was initially appointed as the Interim Resolution Professional (IRP). The IRP carried out duties, including publishing the commencement of the Corporate Insolvency Resolution Process (CIRP) and constituting a Committee of Creditors (CoC). A resolution was passed by the CoC to substitute the IRP, leading to the appointment of Dr. Rajendra M. Ganatra as the Resolution Professional. The Information Memorandum prepared by the initial IRP recorded

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## Facts

Raj Oil Mills Limited faced insolvency proceedings initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. U.V.G. Nayak, was initially appointed but later replaced by Dr. Rajendra M. Ganatra following a CoC resolution. The IRP's Information Memorandum revealed inconsistencies in the company's records, including unaudited financial statements and details of GDRs issued. Three resolution plans were submitted by Dipti Vegoils Ltd (DVL), Rubberwala Housing and Infrastructure Ltd. (RHIL), and Recon Oil Industries Pvt. Ltd. (Recon). The CoC approved the plan submitted by RHIL jointly with Mukhi Industries Limited (MIL) with 77.68% of the voting share. The resolution plan involved a total cost of Rs. 74.83 crore,

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the …

**Ratio:** Section 30(2) of the Insolvency Code outlines the requirements that a resolution plan

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**Reasoning:** The Resolution Professional submitted comments on the compliance of the resolution plan

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan is fair and

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**Application:** The Resolution Professional's comments and the CoC's consideration of the

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** Ami J…
- **Respondents:** Raj Oil Mills…; Hirmanshu C…

## Timeline

- **2017-06-23 — Petition…**: The Corporate Debtor M/s. Raj Oil Mills filed a Petition by invoking the Provisions of…
- **2017-07-10 — Petition Ad…**: The said Petition was admitted vide an Order dated 10.07.2017 (TCP…

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