# In the matter of Tiffins Barutes Asbestors & Paints Ltd. MA-179-2019 in CP-39-2018

> NCLT judgment dated 2019-04-09. Citation: TCN-2019-NCLT-04003. The case involves an application (MA/179/2019) in a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-04003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tiffins-barutes-asbestors-paints-ltd-ma-179-2019-in-cp-39-2018-6db8ec1c

## Summary

### Background

The case involves an application (MA/179/2019) in a corporate insolvency resolution process (CP/39/IB/2018). The Resolution Professional and counsel are present. Counsel for descending Financial Creditors filed objections on behalf of M/s. Assam Global Trade and M/s. Palak HR, which were adopted by Ms. Sujatha Mehta. Counsel for shareholders with 38% shareholding is also present, stating that the summary of the Resolution Plan has been served as directed.

## Facts

The Resolution Professional and counsel are present in court. Descending Financial Creditors, represented by their counsel, have filed objections to the Resolution Plan on behalf of M/s. Assam Global Trade and M/s. Palak HR. Ms. Sujatha Mehta adopted these objections. Counsel for shareholders holding 38% of shares is also present and confirms that the summary of the Resolution Plan has been served. The descending Financial Creditors raised concerns about the competency of the Resolution Applicant in filing the Resolution Plan. Changes to the Committee of Creditors are being made pursuant to a previous order (MA/573/2018) and have been placed on record. The court directed the Resolution Applicant to be present at the next hearing.

## Issues and analysis

### Issue 1: Whether the objections filed by the descending Financial Creditors regarding the competency of the …

**Ratio:** The court has the power to consider objections raised by financial creditors regarding

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**Reasoning:** The court acknowledges the objections filed by the descending Financial Creditors and the

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**Interpretation:** The court is interpreting the relevant provisions of the Insolvency and

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**Application:** The court will consider the objections filed by M/s. Assam Global Trade and

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Tiffins Barytes…

## Timeline

- **2018-01-01 — CP/39/20…**: Corporate Insolvency…
- **2019-03-27 — Order in MA/5…**: Order passed regarding 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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