# In the matter of Shetkari Sakhar Karkhana (Chandrapuri) Limited IA No. 2221 of 2020 in CP (IB) No. 1349-MB-2017

> NCLT judgment dated 2021-01-22. Citation: TCN-2021-NCLT-03250. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Jan 2021
- **Citation:** TCN-2021-NCLT-03250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shetkari-sakhar-karkhana-chandrapuri-limited-ia-no-2221-of-2020-in-cp-ib-no-1349-109beca2

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of Shetkari Sarkhar Karkhana (Chandrapuri) Limited. The CIRP was initiated on 14.01.2019. The Resolution Professional (RP), Anil Seetaram Vaidya, sought approval for a Resolution Plan submitted by a consortium of seven investors led by Onkar Sakhar Karkhana Private Limited. The Committee of Creditors (CoC) initially considered liquidation but later allowed for submission of a Resolution Plan. The Resolution Plan was revised multiple times due to restrictions imposed by the Covid-19 pandemic and modifications suggested by the CoC.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shetkari Sarkhar Karkhana (Chandrapuri) Limited on 14.01.2019. Anil Seetaram Vaidya was appointed as the Interim Resolution Professional (IRP). The IRP published a public announcement on 17.01.2019 inviting claims from creditors. The Committee of Creditors (CoC) was formed, comprising State Bank of India, Canara Bank, Solapur Janta Sahakari Bank, and Axis Bank. Initially, the CoC considered liquidation due to the absence of a viable Resolution Plan. However, an interested party intervened, leading to the invitation of fresh Expressions of Interest (EOIs). A consortium of investors led by Onkar Sakhar Karkhana Private Limited submitted a Resolution Plan. The Resolution Plan was revised multiple

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium led by Onkar Sakhar Karkhana Private …

**Ratio:** The Resolution Plan must meet the requirements specified in Section 30(2) of the Code,

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan to ensure it complied with the

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**Interpretation:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution

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**Application:** The Resolution Plan was found to comply with Section 30(2) as it provided for

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Anil Seetaram…
- **Respondents:** Shetkari Sarkhar…; Mitcon Consultancy…

## Timeline

- **2019-01-14 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-01-17 — Public Annou…**: The Applicant published a public announcement inviting claims from the creditors of the…

## 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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