# 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-00537. The case pertains to IA 352 of 2019 in CP(IB) No. 162/NCLT/AHM/2018, filed by the Resolution…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00537
- **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-2018-9d211303

## Summary

### Background

The case pertains to IA 352 of 2019 in CP(IB) No. 162/NCLT/AHM/2018, filed by the Resolution Professional (RP) of Shaifali Rolls Limited under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan submitted by a consortium. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by SMC Industries Pvt. Ltd., an Operational Creditor, under Section 9 of the Code. The RP made a public announcement inviting claims from creditors, constituted a Committee of Creditors (CoC), and invited Expression of Interest (Eol) from prospective resolution applicants. Two resolution plans were received, one of which was rejected. The CoC approved the resolution plan submitted by Fitcast Founders & Engineers

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## Facts

SMC Industries Pvt. Ltd., an Operational Creditor, filed CP(IB)No. 162/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shaifali Rolls Limited. The application was admitted on 2018-09-14. Shri Parag Sheth was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. Claims amounting to Rs. 254,58,89,078.57 were received and admitted. The Committee of Creditors (CoC) was constituted. The first meeting of the CoC was convened on 2018-10-12, where it was recommended to replace IRP Shri Parag Sheth. Shri Rajat Mukheerjee was appointed as the Resolution Professional (RP). The RP received two resolution plans, one from

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## Issues and analysis

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

**Ratio:** Section 30(6) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the fact that the CoC had approved the resolution

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**Interpretation:** Section 30(6) grants the Adjudicating Authority the power to approve a

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**Application:** In this case, the Adjudicating Authority was satisfied that the resolution plan

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Rajat Muk…
- **Respondents:** Shaifali Rolls…; COC of Shaifali…

## Timeline

- **2018-09-14 — Admission of CP(IB) No.…**: CP(IB) No. 162/2018 was admitted…
- **2018-09-01 — 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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