# In the matter of Sarveshwar Creations Private Limited IA-756-2021 in (IB)-1874(ND)2019

> NCLT judgment dated 2021-12-16. Citation: TCN-2021-NCLT-00144. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 16 Dec 2021
- **Citation:** TCN-2021-NCLT-00144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sarveshwar-creations-private-limited-ia-756-2021-in-ib-1874nd2019-2d6bedba

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Sarveshwar Creations Private Limited. The CIRP was initiated on 2020-02-13, and Mr. Manohar Lal Vij was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and claims were received from Canara Bank (erstwhile Syndicate Bank) and Union Bank of India. Canara Bank's claim was accepted, while Union Bank of India's claim was rejected due to a lack of supporting documents. The IRP was appointed as the Resolution Professional (RP) in the first Committee of Creditors (CoC) meeting. The RP published Form G, inviting expressions of interest for a resolution plan. Three prospective resolution applicants submitted their EOI. Canara Bank became the sole

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sarveshwar Creations Private Limited on 2020-02-13. Mr. Manohar Lal Vij was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Two financial creditors, Canara Bank (erstwhile Syndicate Bank) and Union Bank of India, submitted claims. Canara Bank's claim was accepted, while Union Bank of India's claim was initially rejected due to missing documents but later admitted as an unsecured debt following an order from NCLAT. Three prospective resolution applicants expressed interest, but only one resolution plan was received from Mr. Kartikeya Singh and Ms. Geetica Kweera. Ms. Kweera was found ineligible under Section 29A of the IBC, leaving Mr. Singh as

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by …

**Ratio:** A resolution plan must be feasible and viable for approval. The Committee of Creditors

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**Reasoning:** The CoC found the resolution plan submitted by Mr. Kartikeya Singh to be of low value and

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**Interpretation:** The IBC grants the CoC the power to evaluate and approve or reject a resolution

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**Application:** In this case, the CoC, consisting of Canara Bank, rejected the resolution plan

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** ANURUTAN TEXTILES…
- **Respondents:** SARVESHWAR…
- **Advocates:** Abhishek…

## Timeline

- **2020-02-13 — CIRP Init…**: CIRP initiated against…
- **2020-02-13 — Appointment…**: Mr. Manohar Lal Vij appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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