# In the matter of Sampan Tradex Pvt. Ltd. I.A. No. 3310-2020 in IB-1457(ND)-2018

> NCLT judgment dated 2020-09-23. Citation: TCN-2020-NCLT-00543. The case pertains to I.A. No. 3310/2020 filed in IB-1457(ND)/2018 under Section 31(1) read with…

- **Court:** NCLT
- **Order date:** 23 Sept 2020
- **Citation:** TCN-2020-NCLT-00543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sampan-tradex-pvt-ltd-ia-no-3310-2020-in-ib-1457nd-2018-a6332b74

## Summary

### Background

The case pertains to I.A. No. 3310/2020 filed in IB-1457(ND)/2018 under Section 31(1) read with 30(6) of the Insolvency and Bankruptcy Code, 2016, regarding the matter of M/s. Sampan Tradex Pvt. Ltd (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an order dated 2019-07-30. Mr. Pawan Kumar Goyal was initially appointed as the Interim Resolution Professional (IRP), but the order was communicated to him later on 2019-09-30. Subsequently, Mr. Ajay Gupta was appointed as the Resolution Professional (RP) after the first meeting of the Committee of Creditors (CoC) held on 2019-10-30. The RP invited Expression of Interests (EOIs) and received Eols from two eligible Resolution Applicants. The resolution plan was

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sampan Tradex Pvt. Ltd (CD) based on an order dated 2019-07-30. Initially, Mr. Pawan Kumar Goyal was appointed as the Interim Resolution Professional (IRP), but the order was communicated to him on 2019-09-30. Subsequently, Mr. Ajay Gupta was appointed as the Resolution Professional (RP) after a Committee of Creditors (CoC) meeting on 2019-10-30. The RP invited Expression of Interests (EOIs) and received Eols from two eligible Resolution Applicants. The resolution plan was presented to the CoC on 2020-02-20, and after discussions, the CoC requested improvements. The resolution applicant submitted an addendum and revised offer on 2020-03-21. The CoC approved the resolution plan with 100%

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Professional complies with the requirements …

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

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**Reasoning:** The adjudicating authority reviewed the resolution plan and found that it complied with

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**Interpretation:** The interpretation of Sections 30 and 31 of the IBC requires the adjudicating

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**Application:** In this case, the adjudicating authority found that the resolution plan

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## Parties

- **Judges:** CH. MOHD SHARIEF…; Narender Kumar…
- **Appellants:** Ajay G…
- **Respondents:** M/s. Sampan…

## Timeline

- **2018-01-01 — CIRP Init…**: IB-1457(ND)/20…
- **2019-07-30 — Order for CIRP…**: Authority issued order for CIRP…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sampan-tradex-pvt-ltd-ia-no-3310-2020-in-ib-1457nd-2018-a6332b74