# In the matter of Sheon Skincare Pvt. Ltd. CA. No. 313,365 & 397-C-III-ND-2018 in C.P. No. IB-306- (ND)-2017

> NCLT judgment dated 2019-08-09. Citation: TCN-2019-NCLT-02009. The present proceedings were initiated by filing an application under Section 9 of the…

- **Court:** NCLT
- **Order date:** 9 Aug 2019
- **Citation:** TCN-2019-NCLT-02009
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sheon-skincare-pvt-ltd-ca-no-313365-397-c-iii-nd-2018-in-cp-no-ib-306-nd-2017-6bd6f004

## Summary

### Background

The present proceedings were initiated by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, by an operational creditor. The application was admitted on 2018-01-13, and Mr. Navjit Singh was appointed as the interim resolution professional, who continued as the resolution professional. An Expression of Interest (EOI) was published on 2018-07-21, inviting resolution plans for the Corporate Debtor, Sheon Skincare Pvt. Ltd. Only one application was received from the promoter, Mr. Sanjay Jain, on 2018-08-06. Mr. Jain submitted the resolution plan on 2018-08-23, with the last date of submission being 2018-08-24. The resolution plan was modified and discussed in a meeting.

## Facts

The Corporate Debtor, Sheon Skincare Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated by an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Navjit Singh was appointed as the interim and later as the resolution professional (RP). An Expression of Interest (EOI) was published, and only one resolution plan was received from Mr. Sanjay Jain, the promoter. The resolution plan was modified in CoC meetings, addressing issues like avoidable transactions and bank guarantees. The CoC approved the modified resolution plan with a 100% vote. The resolution plan included provisions for payment of insolvency resolution process costs, debts of operational creditors, and management of the Corporate Debtor's affairs. The

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## Issues and analysis

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

**Ratio:** The approval of a resolution plan requires compliance with Section 30 of the Insolvency

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**Reasoning:** The Tribunal considered the RP's report, the CoC's approval, and the compliance of the

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**Interpretation:** Section 30 of the Code outlines the requirements for a resolution plan,

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**Application:** The resolution plan submitted by Mr. Sanjay Jain was approved by the CoC with a

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## Parties

- **Judges:** R. VARADH…; V.K. SUB…
- **Respondents:** SHEON SKINCARE…

## Timeline

- **2018-01-13 — Initiation…**: Application under Section 9 of…
- **2018-01-13 — Appointment…**: Mr. Navjit Singh appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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