# In the matter of Swastik Fruits Products Ltd. I.A. No. 3758-2020 Filed in IB-871(ND)-2020

> NCLT judgment dated 2020-12-04. Citation: TCN-2020-NCLT-00147. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Swastik Fruits…

- **Court:** NCLT
- **Order date:** 4 Dec 2020
- **Citation:** TCN-2020-NCLT-00147
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swastik-fruits-products-ltd-ia-no-3758-2020-filed-in-ib-871nd-2020-a245b394

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Swastik Fruits Products Limited. The CIRP was initiated following an application by a financial creditor, and Ms. Pooja Bahry was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and collated claims from creditors, subsequently constituting a Committee of Creditors (CoC). The Resolution Professional (RP) filed an application seeking approval of the resolution plan under section 31(1) of the Insolvency and Bankruptcy Code (IBC). Several CoC meetings were held to discuss and revise the resolution plan. The resolution applicant, also a promoter of the Corporate Debtor, submitted a resolution plan that was ultimately approved by the CoC with 100% voting

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Swastik Fruits Products Limited following an application by a financial creditor. Ms. Pooja Bahry was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement and collated claims from creditors, forming a Committee of Creditors (CoC) comprising International Asset Reconstruction Company Private Ltd and SREI Equipment Finance Ltd. Several CoC meetings were held to discuss and revise the resolution plan. The RP received Expression of Interest from multiple prospective resolution applicants, eventually shortlisting two. Only one prospective resolution applicant, a Shareholder/Director/Promoter of Swastik Fruits

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the resolution applicant meets the requirements of …

**Ratio:** Section 30 and 31 of the IBC outline the requirements for the approval of a resolution

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**Reasoning:** The Adjudicating Authority considered the various aspects of the resolution plan,

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to mean that a resolution plan

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**Application:** In this case, the Adjudicating Authority found that the resolution plan met the

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** Pooja B…
- **Respondents:** Swastik Fruits…; Sunita Sa…

## Timeline

- **2019-09-06 — Admission o…**: Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted…
- **2019-09-08 — Public Annou…**: IRP made a public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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