# 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-03249. The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 22 Jan 2021
- **Citation:** TCN-2021-NCLT-03249
- **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-1349-67ea7b54

## Summary

### Background

The case pertains to 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 following an order dated 14.01.2019. Anil Seetaram Vaidya was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, comprising State Bank of India, Canara Bank, Solapur Janta Sahakari Bank, and Axis Bank. The applicant published Form-G inviting Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Initially, two EOIs were received, but no plan was submitted. Subsequently, the CoC resolved to liquidate the Corporate Debtor, but an interested party

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## 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). A Committee of Creditors (CoC) was formed, consisting of State Bank of India, Canara Bank, Solapur Janta Sahakari Bank, and Axis Bank. The IRP published Form-G to invite Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Initially, two EOIs were received, but no resolution plan was submitted. The CoC then resolved to liquidate the Corporate Debtor. However, an interested party intervened, expressing intent to submit a resolution plan. The Tribunal directed the CoC to convene a meeting. A fresh Form-G was issued, resulting in three

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## Issues and analysis

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

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it provides for

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

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

## Timeline

- **2017-01-01 — CP (IB) No. 134…**: Filing of CP (IB) No.…
- **2019-01-14 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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