# In the matter of Riddhi Siddhi Cotspin Private Limited I.A. No. 60 (AHM) 2021 in CP(IB) No. 560 of 2018

> NCLT judgment dated 2021-03-31. Citation: TCN-2021-NCLT-02520. The case involves an application filed by the Resolution Professional (RP) of Riddhi Siddhi…

- **Court:** NCLT
- **Order date:** 31 Mar 2021
- **Citation:** TCN-2021-NCLT-02520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/riddhi-siddhi-cotspin-private-limited-ia-no-60-ahm-2021-in-cpib-no-560-of-2018-93c51404

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Riddhi Siddhi Cotspin Private Limited, the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Bank of Baroda under Section 7 of the IBC, which was admitted on 2020-01-01. Atul Mittal was appointed as the Interim Resolution Professional (IRP), later continuing as the RP. The Committee of Creditors (CoC) was formed, and in its first meeting on 2020-01-31, decided to continue with Atul Mittal as the RP. The RP published an Expression of Interest (Eol) in Form-G, which was revised. The Bank of Baroda, being the sole member of the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Riddhi Siddhi Cotspin Private Limited following an application by Bank of Baroda, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2020-01-01, and Atul Mittal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, and Atul Mittal continued as the Resolution Professional (RP). The RP published an Expression of Interest (Eol), which was revised. Bank of Baroda assigned its debts to M/s. Raj Radhe Finance Limited. The CoC resolved to file an application for the exclusion of the lockdown period, which was allowed. Two Eols were received, but one was withdrawn. A Resolution Plan was

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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

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**Reasoning:** The Adjudicating Authority (AA) considered the contents of the Resolution Plan and found

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

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**Application:** In this case, the AA applied the provisions of Section 30(2) of the IBC to the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Riddhi Siddhi…; Bank of B…

## Timeline

- **2018-01-01 — CP(IB) F…**: CP(IB) No. 560 of 2018…
- **2020-01-01 — CIRP Admi…**: Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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