# In the matter of Shree Vindhya Paper Mills Limited, IA No. 1048 of 2020 in C. P. (IB) No. 2045/MB/2018

> NCLT judgment dated 2021-02-02. Citation: TCN-2021-NCLT-03166. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 2 Feb 2021
- **Citation:** TCN-2021-NCLT-03166
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-vindhya-paper-mills-limited-ia-no-1048-of-2020-in-c-p-ib-no-2045mb2018-205a5dc2

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking approval of the Resolution Plan submitted by Constantia Corporate Shared Services Private Limited and Alfa Buildhome Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-06-07. The RP published a public announcement on 2019-06-11 inviting claims from creditors and constituted the Committee of Creditors (CoC). The Tribunal extended the CIRP period up to 2020-03-03. The RP appointed registered valuers to determine the fair value and liquidation value of the Corporate Debtor. The CoC approved the Resolution Plan with a voting share of 92.46% in its meeting held on 2020-02-01.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Vindhya Paper Mills Limited on 2019-06-07. Vijendra Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 2019-06-11 inviting claims from creditors, leading to the constitution of the Committee of Creditors (CoC). The CIRP period was extended until 2020-03-03. The RP appointed registered valuers to determine the fair value and liquidation value of the Corporate Debtor. Alfa Buildhome Private Limited and Constantia Corporate Shared Services Private Limited jointly submitted a Resolution Plan, which was approved by the CoC with a 92.46% voting share on 2020-02-01. The Resolution Plan

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## Issues and analysis

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

**Ratio:** A Resolution Plan can be approved if it meets the requirements of the IBC and its

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**Reasoning:** The Tribunal considered the compliance of the Resolution Plan with the provisions of the

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**Interpretation:** Section 30(6) of the IBC allows the Adjudicating Authority (NCLT) to approve a

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**Application:** The Resolution Plan was found to be compliant with the IBC and its regulations.

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## Parties

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

## Timeline

- **2019-06-07 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was ordered by the…
- **2019-06-11 — 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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