# In the matter of Rayan Laboratories Pvt. Ltd. I.A. No. 2216-2020 in IB-812-ND-2018

> NCLT judgment dated 2020-10-19. Citation: TCN-2020-NCLT-00363. The case pertains to I.A. No. 2216/2020 filed in IB-812(ND)/2018 under Section 30(6) of the…

- **Court:** NCLT
- **Order date:** 19 Oct 2020
- **Citation:** TCN-2020-NCLT-00363
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rayan-laboratories-pvt-ltd-ia-no-2216-2020-in-ib-812-nd-2018-13abd260

## Summary

### Background

The case pertains to I.A. No. 2216/2020 filed in IB-812(ND)/2018 under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed seeking approval of a resolution plan for Rayan Laboratories Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mr. Susheel Kumar Gupta was appointed as the Resolution Professional (RP). The RP submitted a resolution plan approved by the Committee of Creditors (CoC).

## Facts

The Resolution Professional (RP), Mr. Susheel Kumar Gupta, filed an application seeking approval of a resolution plan for Rayan Laboratories Pvt. Ltd. (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by an Operational Creditor under Section 9 of the IBC. The RP was initially appointed as the Interim Resolution Professional (IRP). The first meeting of the Committee of Creditors (CoC) was held on 08.11.2018, and the IRP was confirmed as the RP. During the CIRP, the resolution applicant moved an application (CA NO: 884/C-III/ND/2019) under section 60(5) read with sections 12(3) and 30(4) of the IBC, 2016, seeking an extension of time for filing a detailed resolution plan, which was

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Professional for Rayan Laboratories Pvt. …

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

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**Reasoning:** The court examined the resolution plan to ensure it complied with the mandatory

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must provide for

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**Application:** The court found that the resolution plan met the requirements of Section 30(2)

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## Parties

- **Judges:** CH. MOHD SHARIEF…; Narender Kumar…
- **Respondents:** Rayan Laboratories…

## Timeline

- **2018-10-03 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted…
- **2018-11-08 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held, and the Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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