# In the matter of Swastik Aqua Ltd. IA 3786-ND-2020 in (IB) 848 (ND)-2019

> NCLT judgment dated 2020-11-24. Citation: TCN-2020-NCLT-00215. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 24 Nov 2020
- **Citation:** TCN-2020-NCLT-00215
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swastik-aqua-ltd-ia-3786-nd-2020-in-ib-848-nd-2019-b491b172

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Swastic Aqua Limited. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor, International Asset Reconstruction Company Private Limited. The Adjudicating Authority (AA) admitted the application on 09.12.2019. Subsequently, an Interim Resolution Professional (IRP) was appointed, who then carried out a public announcement of the CIRP initiation. A Committee of Creditors (CoC) was constituted with the Financial Creditor as the sole member. The CoC appointed the Applicant as the Resolution Professional (RP) for the Corporate Debtor (CD).

## Facts

International Asset Reconstruction Company Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Swastic Aqua Limited. The Adjudicating Authority admitted the application on 09.12.2019. An Interim Resolution Professional (IRP) was appointed, followed by the constitution of a Committee of Creditors (CoC) with the Financial Creditor as the sole member. The CoC appointed a Resolution Professional (RP). The RP invited Expression of Interest (EOI), and five EOIs were received. Due to the Covid-19 pandemic, the government announced a nationwide lockdown, leading to the insertion of Regulation 40C, extending the CIRP timeline. The CoC approved an evaluation matrix and finalized Potential Resolution Applicants (PRA). The RP received resolution plans

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

**Ratio:** Section 30(2) of the Code outlines the requirements that a resolution plan must meet to

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must adhere to all

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan met the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** International…
- **Respondents:** Swastic Aqua…

## Timeline

- **2019-12-09 — CIRP Init…**: Adjudicating Authority admitted the application under Section 7 of the Code filed by the…
- **2019-12-11 — Public Announcement of…**: The Applicant carried out public…

## 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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