# In the matter of Swati Udyog Private Limited IA (IB) No. 265-KB-2021 in CP (IB) No. 956-KB-2018

> NCLT judgment dated 2021-06-16. Citation: TCN-2021-NCLT-01965. The case involves an application filed by Manish Jain, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 16 Jun 2021
- **Citation:** TCN-2021-NCLT-01965
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swati-udyog-private-limited-ia-ib-no-265-kb-2021-in-cp-ib-no-956-kb-2018-9312fcc5

## Summary

### Background

The case involves an application filed by Manish Jain, the Resolution Professional (RP) of Swati Udyog Private Limited, under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against Swati Udyog Private Limited following a petition filed by State Bank of India (SBI) under section 7 of the Code, which was admitted on 26.11.2019. Initially, Anil Agarwal was appointed as the Interim Resolution Professional (IRP), later replaced by Manish Jain. The RP published invitations for Expression of Interest (EoI) and received two resolution plans, one from Shri Jai Baba Casting Private Limited and another from Bhadrashree Steel and Power Limited. The

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## Facts

State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Swati Udyog Private Limited by filing CP (IB) No.956/KB/2018 under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 26.11.2019. Initially, Mr. Anil Agarwal was appointed as the Interim Resolution Professional (IRP), but the Committee of Creditors (CoC) replaced him with Mr. Manish Jain. Public announcements were made to invite claims from financial and operational creditors. The CIRP timeline was extended with the approval of the Adjudicating Authority. Invitation in Form ‘G' for Expression of Interest (EoI) was published, and Prudent ARC Limited initially responded but later withdrew. Two resolution plans were received from Shri Jai Baba Casting

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shri Jai Baba Casting Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it adequately addresses the requirements

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**Interpretation:** Section 30(2) ensures that the resolution plan adheres to certain minimum

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**Application:** The NCLT found that the Resolution Plan complied with Section 30(2) as it

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Manish Jain,…
- **Respondents:** Swati Udyog…; State Bank of…

## Timeline

- **2018-01-01 — CP (IB) No.956/KB/2018…**: The underlying Company Petition being CP (IB) No.956/KB/2018 was filed by State Bank of…
- **2019-11-26 — Admission in…**: CP (IB) No.956/KB/2018 was admitted into Corporate Insolvency Resolution Process (“CIRP”)…

## 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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