# In the matter of Sadbhav Enterprise Private Limited I.A. No. 390-NCLT-AHM-2019 in C.P. (I.B) No. 115-7-NCLT-AHM-2017

> NCLT judgment dated 2020-02-24. Citation: TCN-2020-NCLT-01836. The case pertains to IA 390 of 2019 filed in C.P. (I.B) No.115/NCLT/AHM/2017 under Section…

- **Court:** NCLT
- **Order date:** 24 Feb 2020
- **Citation:** TCN-2020-NCLT-01836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sadbhav-enterprise-private-limited-ia-no-390-nclt-ahm-2019-in-cp-ib-no-115-7-ncl-6a84a16b

## Summary

### Background

The case pertains to IA 390 of 2019 filed in C.P. (I.B) No.115/NCLT/AHM/2017 under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Mr. Umesh Harjivandas Ved, seeking approval of the Resolution Plan for Sadbhav Enterprises Pvt. Ltd. The Resolution Plan was duly approved by 74.85% voting of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated on 19.09.2017. Several IAs were filed during the CIRP, including IA 219 of 2018 seeking exclusion of a standstill period. The applicant issued a public announcement on 22.09.2017 and the CoC was constituted on 10.10.2017.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sadbhav Enterprises Pvt. Ltd. on 19.09.2017. Mr. Umesh Harjivandas Ved was appointed as the Resolution Professional (RP). The RP filed IA 390 of 2019 seeking approval of the Resolution Plan submitted by Kataria Automobiles Pvt. Ltd. The Resolution Plan was approved by 74.85% of the Committee of Creditors (CoC). The CoC was constituted on 10.10.2017. The last date for completion of the CIRP was initially 18.03.2018, which was later extended to 16.06.2018. IA 219 of 2018 was filed seeking exclusion of a standstill period from 13.12.2017 to 12.06.2018. The Resolution Plan includes provisions for secured financial creditors, unsecured financial creditors, and operational creditors. The interests of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Kataria Automobiles Pvt. Ltd. meets the requirements of …

**Ratio:** Section 30 of the Insolvency and Bankruptcy Code, 2016 outlines the requirements for a

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**Reasoning:** The Adjudicating Authority reviewed the documents, papers, and materials submitted and

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**Interpretation:** Section 30 provides the framework for the approval of a Resolution Plan,

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**Application:** The Adjudicating Authority applied the provisions of Section 30 to the

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Umesh Harjivandas…
- **Respondents:** Sadbhav Enterprise…; Sadbhav Enterprise…
- **Advocates:** Arun S…; Vidhi Th…

## Timeline

- **2017-09-19 — Initiation…**: Corporate Insolvency…
- **2017-09-19 — Appointment…**: Mr. Umesh Harjivandas Ved appointed as…

## 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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