# In the matter of SR Foils & Tissue Ltd. (IB)-144-(PB)-2017

> NCLT judgment dated 2018-10-15. Citation: TCN-2018-NCLT-00573. The case involves a review of decisions made by the Committee of Creditors (CoC) regarding a…

- **Court:** NCLT
- **Order date:** 15 Oct 2018
- **Citation:** TCN-2018-NCLT-00573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sr-foils-tissue-ltd-ib-144-pb-2017-adcbfff8

## Summary

### Background

The case involves a review of decisions made by the Committee of Creditors (CoC) regarding a resolution plan submitted by Lucky Generator, a claim of Rs. 120 lakhs by SR Foils/GMG, and issues related to Religare. The CoC sought legal opinion and made decisions regarding the acceptance of the resolution plan, inclusion of advocate fees in CIRP costs, and adjustment of FDR proceeds by ICICI Bank. The matter also involves disputes over a Rs. 120 lakh claim related to a Memorandum of Understanding (MOU) and sale deeds between the Corporate Debtor and GMG Engineers and Contractors.

## Facts

ICICI Bank Limited initiated insolvency proceedings against SR Foils and Tissue Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CoC considered a revised undertaking filed by SR Foils And Hygien Pvt. Ltd. and a claim of Rs. 120 lakhs by SR Foils/GMG. The CoC sought legal opinion on accepting a resolution plan submitted by Lucky Generator. The CoC decided to include advocate fees in CIRP costs and allow ICICI Bank to adjust FDR proceeds. A dispute arose regarding a Rs. 120 lakh claim by the buyer (GMG Engineers and Contractors) based on an MOU with the Corporate Debtor. The CoC rejected this claim, citing discrepancies with registered sale deeds. Religare was also involved, with issues concerning amounts received and credit facilities granted to

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## Issues and analysis

### Issue 1: Whether the revised resolution plan submitted …

**Ratio:** The Adjudicating Authority has the power to approve or reject a resolution plan based on

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**Reasoning:** The CoC sought legal opinion and decided that a prayer should be made before the Hon'ble

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**Interpretation:** The Adjudicating Authority has the discretion to evaluate the resolution plan

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**Application:** The court directed that the revised plan may be submitted by M/s Lucky

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** ICICI Bank…
- **Respondents:** SR Foils and…

## Timeline

- **2018-10-15 — Order Del…**: Order delivered on…
- **2018-09-25 — CoC Conside…**: In the order dated 25.09.2018 the CoC…

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