# In the matter of Swadisht Oils Pvt. Ltd. (J.R. Agro Industries P Ltd. Vs. Swadisht Oils Pvt. Ltd.) CA No. 59-2018 in CP No. (IB)-13-ALD-2017

> NCLT judgment dated 2018-07-24. Citation: TCN-2018-NCLT-01082. The case involves a company application filed by the Resolution Professional under section…

- **Court:** NCLT
- **Order date:** 24 Jul 2018
- **Citation:** TCN-2018-NCLT-01082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swadisht-oils-pvt-ltd-jr-agro-industries-p-ltd-vs-swadisht-oils-pvt-ltd-ca-no-59-5d22d398

## Summary

### Background

The case involves a company application filed by the Resolution Professional under section 30(6) of the Insolvency and Bankruptcy Code 2016 for approval of the resolution plan, which was approved by the committee of creditors of Swadisht Oils Private Limited. The Company Petition No. (IB)13 of 2017 was filed by J.R. Agro Industries P Limited against Swadisht Oils Private Limited. The petition was admitted, and a moratorium order was passed. Initially, Mr. Manish Gupta was appointed as IRP, but subsequently, Mr. Vikram Bajaj was appointed as RP. The above-referred order was challenged in appeal before NCLAT, which was dismissed, affirming the order. The Resolution Professional stated that there are only five financial creditors in the Committee of Creditors, with Jya

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## Facts

J.R. Agro Industries P Limited filed a company petition against Swadisht Oils Private Limited, which was admitted on 30.05.2017, leading to a moratorium. Mr. Manish Gupta was initially appointed as IRP, later replaced by Mr. Vikram Bajaj. The Resolution Professional invited resolution plans, receiving submissions from JR Agro Industries P Ltd. and Rajasthan Liquors Ltd. (RLL). The Resolution Professional initially viewed JR Agro Industries P Ltd. as disqualified under section 29A of IBC. The Committee of Creditors (CoC) comprised five financial creditors, with Jya Finance and Investment Company Limited, a related party, not participating in voting. The CoC unanimously approved the plan submitted by RLL and rejected the plan submitted by JR Agro Industries P Ltd.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Rajasthan Liquors Ltd. (RLL) meets the requirements of the …

**Ratio:** The principle of fair and equitable treatment of creditors, especially within the same

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**Reasoning:** The court reasoned that the resolution plan unfairly discriminated against operational

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**Interpretation:** The court interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The court applied the principle of fair and equitable treatment to the specific

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## Parties

- **Judges:** V. P. S…; Saroj Ra…
- **Appellants:** J.R. AGRO…
- **Respondents:** SWADISHT OILS P.…; SWADISHT OILS P…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition No.(IB)13/ALD/2017 filed by J.R. Agro Industries P Limited against…
- **2017-05-30 — Petition Ad…**: The petition was admitted, and a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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