# In the matter of Shree Kedarnath Sugar and Agro Products Limited IA No. 1176 of 2020 in C.P. (IB) No. 2851-MB-2018

> NCLT judgment dated 2020-09-21. Citation: TCN-2020-NCLT-00557. The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 21 Sept 2020
- **Citation:** TCN-2020-NCLT-00557
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-kedarnath-sugar-and-agro-products-limited-ia-no-1176-of-2020-in-cp-ib-no-2-21c45572

## Summary

### Background

The case pertains to an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Shree Kedarnath Sugar and Agro Products Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 21/08/2019. The applicant, Bhuvnesh Maheshwari, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 24/09/2019. The RP conducted the CIRP in compliance with the Code and Rules.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Shree Kedarnath Sugar and Agro Products Limited was initiated by the NCLT Mumbai Bench on 21/08/2019. Bhuvnesh Maheshwari was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 24/09/2019. Two resolution plans were received, one from Shri Sai Priya Sugars Limited and another from Twentyone Sugars Limited. The CoC accepted the resolution plan submitted by Shri Sai Priya Sugars Limited with a voting share of 95.21%. The resolution plan proposed an infusion of Rs. 60 Crores within 30 days of approval. The plan included payments to CIRP costs (Rs. 0.90 Crores), secured financial creditors (Rs. 54.25 Crores), workmen's dues

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shri Sai Priya Sugars Limited meets the requirements of …

**Ratio:** The Adjudicating Authority (NCLT) is required to satisfy itself that the Resolution Plan

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**Reasoning:** The NCLT considered the compliance of the resolution plan with Section 30(2) of the Code

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**Interpretation:** Section 30(2) of the Code specifies the requirements that a resolution plan

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**Application:** The NCLT applied the provisions of Section 30(2) of the Code and Regulation 38

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Bhuvnesh Maheshwar…
- **Respondents:** Shree Kedarnath…

## Timeline

- **2019-08-21 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-09-24 — RP Appoin…**: The Committee of Creditors (CoC) confirmed the Applicant as the Resolution Professional…

## 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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