# In the matter of Shaifali Rolls Pvt. Ltd. IA 352-2019 in C.P. (I.B) No. 162-NCLT-AHM-2018

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00523. The case pertains to IA 352 of 2019 in CP(IB) No. 162/NCLT/AHM/2018, filed under Section 30(6)…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shaifali-rolls-pvt-ltd-ia-352-2019-in-cp-ib-no-162-nclt-ahm-2018-011eb762

## Summary

### Background

The case pertains to IA 352 of 2019 in CP(IB) No. 162/NCLT/AHM/2018, filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Shaifali Rolls Limited, seeking approval of a resolution plan submitted by a consortium of Fitcast Founders & Engineers Pvt. Ltd. and Omkara Assets Reconstruction Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by SMC Industries Pvt. Ltd., an Operational Creditor, under Section 9 of the Code. The Adjudicating Authority admitted the petition on 14.09.2018 and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors and subsequently constituted a Committee of Creditors (CoC). The CoC

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## Facts

SMC Industries Pvt. Ltd., an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shaifali Rolls Limited. The Adjudicating Authority admitted the petition on 14.09.2018. Shri Parag Sheth was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors and constituted a Committee of Creditors (CoC). The CoC recommended the replacement of IRP Shri Parag Sheth with Shri Rajat Mukheerjee. The RP received two resolution plans, one from Legend Trade Corp and another from M/s. Fitcast. The CoC rejected the plan from Legend Trade Corp. The CoC discussed and deliberated upon the resolution plan received from M/s. Fitcast. The CoC requested M/s. Fitcast to reconsider the plan value.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium of Fitcast Founders & Engineers Pvt. …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the conditions that

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it confirms to the

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority, on perusal of the records, found that the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Rajat Muk…
- **Respondents:** Shaifali Rolls…; COC of Shaifali…
- **Advocates:** Anip Ga…; Raju Ko…; +8 more

## Timeline

- **2018-09-14 — Admission of CP(IB) No.…**: The Adjudicating Authority admitted CP(IB) No.…
- **2018-09-20 — Public Annou…**: The Resolution Professional made a public…

## 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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