# In the matter of The Rubber Products Ltd. M.A. 1039-2018 in C.P.(IB)-1686(MB)-2017

> NCLT judgment dated 2019-02-19. Citation: TCN-2019-NCLT-04793. The case involves a Miscellaneous Application (MA 1039/2018) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 19 Feb 2019
- **Citation:** TCN-2019-NCLT-04793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/the-rubber-products-ltd-ma-1039-2018-in-cpib-1686mb-2017-635cb8b6

## Summary

### Background

The case involves a Miscellaneous Application (MA 1039/2018) filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan for The Rubber Products Ltd. The Corporate Debtor (The Rubber Products Ltd.) had initially filed an application under Section 10 of the IBC, which was admitted on 02.01.2018. The RP took steps to commence the Corporate Insolvency Resolution Process (CIRP), including public announcements, constitution of the Committee of Creditors (CoC), and appointment of valuers. The CoC approved a resolution plan submitted by M/s Max Spare Ltd with 100% voting share.

## Facts

The Rubber Products Ltd. (Corporate Debtor) was established in 1965, manufacturing industrial products of natural and synthetic rubber. It filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 02.01.2018. Mr. Manoj Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP took actions to commence the CIRP, including publishing public announcements and constituting the Committee of Creditors (CoC). The IRP appointed two valuers to determine the liquidation value of the corporate debtor. The RP published an advertisement inviting expressions of interest (EoI) for submitting a Resolution Plan. Four responses were received, and the CoC allowed all six parties to submit their respective resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Max Spare Ltd complies with the provisions of Section …

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

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**Reasoning:** The NCLT reviewed the RP's observations on compliance, which were presented in a table

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that resolution plans adhere

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**Application:** The NCLT applied the provisions of Section 30(2) and the CIRP regulations to

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Manoj Kumar…
- **Respondents:** The Rubber…

## Timeline

- **2017-12-05 — Application by…**: The Rubber Products Ltd. filed an…
- **2018-01-02 — Admission of Ap…**: The application filed by The…

## 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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