# In the matter of RNB Cements Pvt. Ltd. IA No. 29-2020 Connected with CP(IB) No. 18-GB-2019

> NCLT judgment dated 2020-06-19. Citation: TCN-2020-NCLT-01142. Bank of India filed CP(IB) No. 18/GB/2019 before the Guwahati Bench of the National Company Law…

- **Court:** NCLT
- **Order date:** 19 Jun 2020
- **Citation:** TCN-2020-NCLT-01142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rnb-cements-pvt-ltd-ia-no-29-2020-connected-with-cpib-no-18-gb-2019-350a28b4

## Summary

### Background

Bank of India filed CP(IB) No. 18/GB/2019 before the Guwahati Bench of the National Company Law Tribunal under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RNB Cements Pvt. Ltd. The application was admitted on 13/06/2019, and Mr. Kamalesh Kumar Singhania was appointed as Interim Resolution Professional. A public announcement was made, inviting claims from creditors. A Committee of Creditors (CoC) was formed, and in a meeting on 29.08.2019, the appointment of the Interim Resolution Professional as the Resolution Professional was approved. The Resolution Professional submitted that at the 10th CoC meeting held on 14/02/2020, the Resolution Plan submitted by CFM Asset Reconstruction Private

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## Facts

Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against RNB Cements Pvt. Ltd. by filing CP(IB) No. 18/GB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 13/06/2019. Kamalesh Kumar Singhania was appointed as the Interim Resolution Professional. A public announcement was made to invite claims from creditors, leading to the formation of a Committee of Creditors (CoC). The CoC approved the appointment of the Interim Resolution Professional as the Resolution Professional on 29/08/2019. At the 10th CoC meeting on 14/02/2020, the Resolution Plan submitted by CFM Asset Reconstruction Private Limited in consortium with Jumbo Roofings & Tiles was selected and approved with 87.03% votes. The total claim

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by CFM Asset Reconstruction Private Limited in consortium …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of

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**Reasoning:** The court considered the submissions of the Resolution Professional, who stated that the

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**Interpretation:** The legal issue revolves around the interpretation of Section 31(1) of the IBC,

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**Application:** The court applied the ratio to the facts by examining the resolution plan and

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## Parties

- **Judges:** Jinan…
- **Appellants:** Bank of…
- **Respondents:** RNB Cements Pvt.…

## Timeline

- **2019-06-13 — Application A…**: Application filed by Bank of India under Section 7 of IBC was admitted, initiating CIRP…
- **2019-06-13 — Appointment…**: Mr. Kamalesh Kumar Singhania was appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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