# In the matter of Shriram Cement Limited IA 936-NCLT-AHM-2020 in CP (IB) 195-NCLT-AHM-2018

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01084. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01084
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shriram-cement-limited-ia-936-nclt-ahm-2020-in-cp-ib-195-nclt-ahm-2018-9f093eb9

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) r.w. Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan for the Corporate Debtor, Shriram Cement Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) by an order of the Adjudicating Authority dated 20.09.2019. Mr. Umesh Harjivandas Ved was appointed as the Interim Resolution Professional (IRP), who collated claims and constituted the Committee of Creditors (COC). The COC comprised State Bank of India and Vijay Kumar Bajaj, holding 98.60% and 1.40% voting shares, respectively. The COC confirmed the IRP as Resolution Professional in its 2nd meeting held on 08.11.2019. An

…

## Facts

The Resolution Professional (RP), Umesh Ved, filed an application under Section 30(6) r.w. Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan for the Corporate Debtor, Shriram Cement Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 20.09.2019. The Committee of Creditors (COC) comprised State Bank of India (98.60% voting share) and Vijay Kumar Bajaj (1.40% voting share). The COC confirmed Umesh Ved as the Resolution Professional on 08.11.2019. An Expression of Interest (EOI) was published on 31.01.2020, and the RP informed the COC on 17.02.2020 that various EOIs had been received. The Adjudicating Authority granted an extension of 180 days on 17.03.2020. The Applicant

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by High Performance Products Industries Private Limited …

**Ratio:** Section 30(6) and Section 31 of the IBC, 2016, provide the framework for the approval of

…

**Reasoning:** The Adjudicating Authority considered the submissions made by the learned senior counsel

…

**Interpretation:** Section 30(6) and Section 31 of the IBC, 2016, are interpreted to mean that if

…

**Application:** In this case, the COC approved the resolution plan submitted by HPPIPL with

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Umesh Ved RP of…
- **Respondents:** Shriram Cement…; Committee of…

## Timeline

- **2019-09-20 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by order of…
- **2019-09-20 — Moratorium…**: Order of moratorium passed by the Adjudicating Authority under Section 14 of I&B Code,…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/shriram-cement-limited-ia-936-nclt-ahm-2020-in-cp-ib-195-nclt-ahm-2018-9f093eb9