# In the matter of R.D Rubber Reclaim Limited IA(IB) 1332-KB-2020 in CP (IB) No.1724-KB-2018

> NCLT judgment dated 2021-05-11. Citation: TCN-2021-NCLT-02165. The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 11 May 2021
- **Citation:** TCN-2021-NCLT-02165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rd-rubber-reclaim-limited-iaib-1332-kb-2020-in-cp-ib-no1724-kb-2018-2d3e7746

## Summary

### Background

The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for R.D.Rubber Reclaim Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Indian Overseas Bank under Section 7 of the IBC, which was admitted on 25.10.2019. Ms. Mamta Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement regarding the initiation of CIRP and called for proof of claims from creditors. The Committee of Creditors (CoC) held fourteen meetings to discuss and evaluate resolution plans. Ultimately, the CoC approved the resolution plan submitted by

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## Facts

R.D.Rubber Reclaim Limited faced Corporate Insolvency Resolution Process (CIRP) after Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 25.10.2019. Ms. Mamta Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement and invited claims from creditors. The Committee of Creditors (CoC) convened fourteen meetings to discuss resolution plans. Glix Securities Private Limited submitted a resolution plan that was approved by the CoC with 100% voting share, while Girik Securities Private Limited's plan was rejected. Glix Securities provided a performance deposit of ₹1,00,00,000/-. The Resolution Plan

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Glix Securities Private Limited complies with the …

**Ratio:** The Resolution Plan must adhere to the provisions of Sections 30 and 31 of the IBC, which

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**Reasoning:** The Adjudicating Authority (NCLT) reviewed the documents on record and found that the

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**Interpretation:** Sections 30 and 31 of the IBC and Regulations 38 and 39 of the IBBI Regulations

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**Application:** The NCLT applied the ratio by examining the Resolution Plan and verifying that

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Indian Overseas…
- **Respondents:** R.D. Rubber…

## Timeline

- **2019-10-25 — Admission of Section 7…**: Indian Overseas Bank's application under Section 7 of the IBC against R.D.Rubber Reclaim…
- **2019-10-31 — Public Announcement by…**: The Interim Resolution Professional (IRP) made a public announcement regarding the…

## 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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