# In the matter of Shree Vindhya Cast Coaters Limited IA No. 735-MB-2020 in C.P. (IB) No. 2042-MB-2018

> NCLT judgment dated 2021-06-21. Citation: TCN-2021-NCLT-01939. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Jun 2021
- **Citation:** TCN-2021-NCLT-01939
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-vindhya-cast-coaters-limited-ia-no-735-mb-2020-in-cp-ib-no-2042-mb-2018-afc9792d

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Shree Vindhya Cast Coasters Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 2019-05-31, following the admission of a petition under Section 7 of the Code. Vijendra Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, and a Committee of Creditors (CoC) was formed. The applicant placed a resolution for liquidation of the Corporate Debtor, but it was rejected by the CoC. The applicant issued Form G twice, inviting expression of interest from

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Shree Vindhya Cast Coasters Limited was initiated by the NCLT Mumbai Bench on 2019-05-31, following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. Vijendra Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from creditors, and a Committee of Creditors (CoC) was formed. The applicant placed a resolution for liquidation of the Corporate Debtor, but it was rejected by the CoC. The applicant issued Form G twice, inviting expression of interest from prospective resolution applicants. Constantia Corporate Shared Services Private Limited and Alfa Buildhome Private

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Constantia Corporate Shared Services Private Limited …

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

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**Reasoning:** The court reasoned that the Resolution Plan provides for the payment of CIRP cost in full

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**Interpretation:** Section 30(2) is interpreted as setting out mandatory conditions for the

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**Application:** The court applied the requirements of Section 30(2) to the specific details of

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Vijendra Kumar…
- **Respondents:** Shree Vindhya…; Stressed Assets…

## Timeline

- **2019-05-31 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-06-11 — Public Annou…**: The IRP made a public announcement on 11.06.2019 inviting claims from the creditors of…

## 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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