# In the matter of Siddharth Milk & Milk Products Private Ltd. MA 304-2020 in C.P. (IB) 3508-MB-2018

> NCLT judgment dated 2020-08-03. Citation: TCN-2020-NCLT-00917. This case involves a Miscellaneous Application (MA) No. 304/2020 filed by Mr. Ravindra…

- **Court:** NCLT
- **Order date:** 3 Aug 2020
- **Citation:** TCN-2020-NCLT-00917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddharth-milk-milk-products-private-ltd-ma-304-2020-in-cp-ib-3508-mb-2018-2a8172e0

## Summary

### Background

This case involves a Miscellaneous Application (MA) No. 304/2020 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) initiated against Siddharth Milk and Milk Products Private Limited, the Corporate Debtor, which was admitted under Section 7 of the I&B Code on 26.04.2019. The RP sought approval of the resolution plan submitted by a consortium of Mr. Sharad Mahadeo Jagdale, Mr. Ajay Babulal Shah, Mr. Krishna Baliram Thombare, Mr. Prasad Kumar Dugge, and Mr. Prakash Sopanrao Shelke.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddharth Milk and Milk Products Private Limited on 26.04.2019, following the admission of the case under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Ravindra Chaturvedi was appointed as the Resolution Professional (RP). The RP invited Expressions of Interest (EOI) and received five EOIs by 22.08.2019. A consortium of Mr. Sharad Mahadeo Jagdale, Mr. Ajay Babulal Shah, Mr. Krishna Baliram Thombare, Mr. Prasad Kumar Dugge, and Mr. Prakash Sopanrao Shelke submitted a resolution plan, which was revised and finalized on 08.01.2020. The Committee of Creditors (COC) approved the resolution plan with 82.25% voting share. The liquidation value of the corporate debtor was assessed at

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the I&B Code specifies the mandatory requirements that a resolution

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) ensures that the resolution plan is fair and equitable to all

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**Application:** The Resolution Plan provided for the payment of CIRP costs of ₹40 lacs,

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## Parties

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

## Timeline

- **2018-01-01 — C.P. (IB)…**: C.P. (IB) 3508/MB/2018…
- **2019-04-26 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Siddharth Milk and Milk…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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