# In the matter of Sejal Glass Limited IA No. 3690 of 2019 in CP (IB) No. 1799-MB-2018

> NCLT judgment dated 2021-03-26. Citation: TCN-2021-NCLT-02560. The Resolution Professional (RP) of Sejal Glass Limited (CD) sought approval for the Resolution…

- **Court:** NCLT
- **Order date:** 26 Mar 2021
- **Citation:** TCN-2021-NCLT-02560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sejal-glass-limited-ia-no-3690-of-2019-in-cp-ib-no-1799-mb-2018-c4cd44e2

## Summary

### Background

The Resolution Professional (RP) of Sejal Glass Limited (CD) sought approval for the Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI Regulations. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-02-13, and Mr. Rajendra Kumar Girdhar was appointed as the Interim Resolution Professional (IRP). Later, Mr. Prashant Jain was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) sought Expression of Interest (EoI), and two Prospective Resolution Applicants (PRAs) furnished Eols. The CoC extended the deadline for plan submission. Dilesh Roadlines Private Limited jointly with Mr. Surji D. Chheda & Ms. Chhaya S. Chheda were declared the highest bidder.

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## Facts

The Resolution Professional (RP) of Sejal Glass Limited (the Corporate Debtor) filed an application seeking approval of the Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2019-02-13. Mr. Rajendra Kumar Girdhar was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Prashant Jain was appointed as the RP. The Committee of Creditors (CoC) sought Expression of Interest (EoI) and received two Eols. The last date for submission of the plan was 2019-07-18, which was later extended. Dilesh Roadlines Private Limited jointly with Mr. Surji D. Chheda & Ms. Chhaya S. Chheda were declared the highest bidder. The Resolution Plan was approved by the CoC with 73.15% voting share in its 12th

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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 Code specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and observed that it provided for

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

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Prashant…
- **Respondents:** Sejal Glass…; Edelweiss Asset…

## Timeline

- **2019-02-13 — Initiation…**: Corporate Insolvency Resolution Process…
- **2019-02-13 — Appointment…**: Mr. Rajendra Kumar Girdhar was 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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