# 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-04035. 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-04035
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tiffins-barutes-asbestors-paints-ltd-ma-179-2019-in-cp-39-2018-9ed18fb4

## 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 present and states that the summary of the Resolution Plan has been served as directed on 2019-04-06.

## Facts

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 present and states that the summary of the Resolution Plan has been served as directed on 2019-04-06. The competency of the Resolution Applicant to file the Resolution Plan is being questioned. The Resolution Professional has filed a format bringing appropriate changes in relation to the constitution of Committee of Creditors, which is being done pursuant to the order passed by this Bench in MA/573/2018 on 27.03.2019.

## Issues and analysis

### Issue 1: Whether the objections filed by the descending financial creditors against the Resolution Plan are …

**Ratio:** The court must consider objections raised by financial creditors to ensure fairness and

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**Reasoning:** The court acknowledges the objections filed by the descending financial creditors and

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**Interpretation:** The court interprets the IBC to require consideration of objections from

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**Application:** The court will apply the ratio by evaluating the specific objections raised by

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## Parties

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

## Timeline

- **2019-04-09 — Hearing…**: Hearing held at 10.30…
- **2018-01-01 — CP/39/2018…**: Corporate Insolvency…

## 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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