# In the matter of Raj Rayon Industries Limited IA 309(AHM) 2021 in CP (IB)-350(AHM) 2019

> NCLT judgment dated 5 Oct 2021. Citation: TCN-2021-NCLT-00852. This application was filed by Mr. Abhishek Nagori, the Resolution Professional (RP) of Raj…

- **Court:** NCLT
- **Order date:** 5 Oct 2021
- **Citation:** TCN-2021-NCLT-00852
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raj-rayon-industries-limited-ia-309ahm-2021-in-cp-ib-350ahm-2019-b8e14192

## Summary

### Background

This application was filed by Mr. Abhishek Nagori, the Resolution Professional (RP) of Raj Rayon Industries Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). The purpose of the application was to seek approval for the Resolution Plan concerning Raj Rayon Industries Limited, which is referred to as the Corporate Debtor. The Corporate Debtor had previously been admitted into the Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on January 23, 2020.

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## Facts

Mr. Abhishek Nagori, the Resolution Professional (RP) of Raj Rayon Industries Limited, filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) for the approval of a Resolution Plan. The Corporate Debtor, Raj Rayon Industries Limited, had been admitted into the Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on January 23, 2020. Mr. Nagori was initially appointed as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by SVG Fashions Private Limited complies with the provisions…

**Ratio:** A Resolution Plan, to be approved, must comply with all the requirements of Section 30(2)…

**Reasoning:** The court reasoned that the Resolution Plan had been unanimously approved by the…

**Interpretation:** The court interpreted Section 30(2) of the IBC, 2016, and Regulations 36 to 39…

**Application:** The court applied this interpretation by meticulously examining the Resolution…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Advocates:** For the Applicant:…; Abhishek…

## Timeline

- **January 23, 2020 — CIRP Admi…**: The Corporate Debtor, Raj Rayon Industries Limited, was admitted into Corporate…
- **February 15, 2020 — 1st CoC M…**: The Committee of Creditors (CoC) confirmed Mr. Abhishek Nagori as the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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