# In the matter of Siddharth Milk Foods (India) Pvt. Ltd. MA 306-2020 in C.P.(IB) 3505-MB-2018

> NCLT judgment dated 2020-08-03. Citation: TCN-2020-NCLT-00916. This case involves a Miscellaneous Application (MA) No. 306/2020 filed by Mr. Ravindra…

- **Court:** NCLT
- **Order date:** 3 Aug 2020
- **Citation:** TCN-2020-NCLT-00916
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddharth-milk-foods-india-pvt-ltd-ma-306-2020-in-cpib-3505-mb-2018-68088da3

## Summary

### Background

This case involves a Miscellaneous Application (MA) No. 306/2020 filed by Mr. Ravindra Chaturvedi, the Resolution Professional (RP), under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The application pertains to Corporate Insolvency Resolution Process (CIRP) against Siddharth Milk Foods (India) Private Limited, the Corporate Debtor, which was initiated based on an application under Section 7 of the I&B Code. The RP sought approval of the resolution plan submitted by a consortium of resolution applicants. The CIRP was initiated on 26.04.2019.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddharth Milk Foods (India) Private Limited on 26.04.2019, based on an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code). Mr. Ravindra Chaturvedi was appointed as the Resolution Professional (RP). The RP invited Expressions of Interest (EOI) and received six EOIs. A list of Prospective Resolution Applicants (PRAs) was shared with the Committee of Creditors (COC). The CIRP period was extended, and the last date for submission of the Resolution Plan was extended to 17.12.2019. A consortium of Mr. Sharad Mahadeo Jagdale and others submitted a Resolution Plan, which was revised and submitted on 08.01.2020. The COC requested an addendum to the plan. The final Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 31(1) of the Insolvency and …

**Ratio:** Section 31(1) of the I&B Code stipulates that if the Adjudicating Authority is

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**Reasoning:** The Tribunal examined the resolution plan and found that it met the requirements of

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**Interpretation:** Section 31(1) provides the legal basis for the Adjudicating Authority to

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**Application:** In this case, the Tribunal applied Section 31(1) by assessing whether the

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## Parties

- **Judges:** Smt Suchitra…; V. Nallasen…
- **Appellants:** Ravindra Chaturved…
- **Respondents:** Siddharth Milk…

## Timeline

- **2019-04-26 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Siddharth Milk Foods…
- **2019-05-25 — Applicant Appointment…**: Appointment of Applicant as resolution professional was confirmed by the COC in the First…

## 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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