# In the matter of Swadisht Oils Pvt.  Ltd. CA No. 01-2019 In CP No. (IB) 13-ALD-2017

> NCLT judgment dated 2019-02-13. Citation: TCN-2019-NCLT-04859. The case involves the insolvency resolution of Swadisht Oils Private Limited (Corporate…

- **Court:** NCLT
- **Order date:** 13 Feb 2019
- **Citation:** TCN-2019-NCLT-04859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swadisht-oils-pvt-ltd-ca-no-01-2019-in-cp-no-ib-13-ald-2017-65b4d7e5

## Summary

### Background

The case involves the insolvency resolution of Swadisht Oils Private Limited (Corporate Debtor). J.R. Agro Industries Pvt. Ltd., an operational creditor, initiated proceedings under Section 9 of the IBC, which were admitted on May 30, 2017, leading to a moratorium under Section 14. Mr. Vikram Bajaj was appointed as the Resolution Professional. An invitation for Expression of Interest (Eol) was issued, and two resolution plans were received from J.R. Agro Industries Pvt Ltd. (JRAIPL) and Rajasthan Liquors Ltd. (RLL). JRAIPL's eligibility was rejected under Section 29 A of the IBC. RLL's resolution plan was initially approved by the Committee of Creditors (COC) but faced appeals and modifications. The Hon'ble Appellate Authority directed the COC to reconsider the plan,

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## Facts

J.R. Agro Industries Pvt. Ltd. initiated insolvency proceedings against Swadisht Oils Pvt. Ltd. under Section 9 of the IBC. The application was admitted on May 30, 2017, and a moratorium was imposed. Vikram Bajaj was appointed as the Resolution Professional. Two resolution plans were received from J.R. Agro Industries Pvt Ltd. (JRAIPL) and Rajasthan Liquors Ltd. (RLL). JRAIPL was deemed ineligible under Section 29A of the IBC. RLL's plan was initially approved by the COC with 100% votes. Jya Finance and Investment Company Limited appealed against the order approving RLL's plan. The Appellate Authority directed modifications to the plan. The modified plan was discussed and approved by the COC on December 19, 2018, with 100% votes. The total cost of the modified

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## Issues and analysis

### Issue 1: Whether the modified resolution plan submitted by Rajasthan Liquors Ltd. complies with the …

**Ratio:** Section 30(2) of the IBC outlines the requirements for a resolution plan, including

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**Reasoning:** The Adjudicating Authority found that the modified resolution plan met the requirements

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be approved,

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**Application:** The modified resolution plan was found to comply with Section 30(2) because it

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Saroj Ra…
- **Appellants:** J.R. Agro…
- **Respondents:** Swadisht Oils Pvt…

## Timeline

- **2017-05-30 — Admission of Section 9…**: Application filed by J.R. Agro Industries Pvt. Ltd. against the Corporate Debtor under…
- **2017-08-23 — Appointment of…**: The Adjudicating Authority appointed the Applicant as the Resolution Professional of the…

## 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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