# In the matter of Unimark Remedies Limited I.A. NO. 1141 OF 2020 in C.P. (IB) No. 197 OF 2018

> NCLT judgment dated 2020-11-19. Citation: TCN-2020-NCLT-00239. This is an Interlocutory Application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 19 Nov 2020
- **Citation:** TCN-2020-NCLT-00239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unimark-remedies-limited-ia-no-1141-of-2020-in-cp-ib-no-197-of-2018-98450d8f

## Summary

### Background

This is an Interlocutory Application filed by the Resolution Professional (RP) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The RP of Unimark Remedies Limited, the corporate debtor, seeks directions from the Tribunal regarding an order dated 24.02.2020. This order was passed in an application filed by Corporation Bank challenging the resolution plan approved by the CoC and seeking the appointment of fresh valuers. The insolvency resolution process was initiated by ICICI Bank Limited under Section 7, admitted on 03.04.2018. An application was filed by the RP seeking approval of a resolution plan submitted by the ARCIL Consortium, approved by 72.25% of the CoC. Corporation Bank filed an application objecting to the approval of the Resolution Plan,

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## Facts

The Resolution Professional (RP) of Unimark Remedies Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the NCLT regarding the valuation of the corporate debtor's assets. ICICI Bank initiated the insolvency resolution process under Section 7, which was admitted on 03.04.2018. The RP sought approval for a resolution plan submitted by the ARCIL Consortium, which was approved by 72.25% of the Committee of Creditors (CoC). Corporation Bank, a creditor holding approximately 7% of the share in the CoC, objected to the resolution plan and sought the appointment of fresh valuers. A split verdict was delivered on 11.09.2019 regarding the appointment of an independent valuer, leading to an appeal before the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional should be directed to appoint a fresh valuer for the Corporate …

**Ratio:** The Tribunal has the power to direct the appointment of a valuer in the CIRP process, but

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**Reasoning:** The Tribunal observed that the majority of the CoC agreed to the appointment of GAA

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**Interpretation:** The Tribunal's power to direct the appointment of a valuer is subject to the

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**Application:** In this case, the Tribunal decided not to direct the appointment of a fresh

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Amit G…
- **Respondents:** Unimark Remedies…; Corporatio…

## Timeline

- **2018-04-03 — Admission of Insolvency…**: Insolvency resolution process initiated by ICICI Bank Limited under Section 7, admitted…
- **2019-09-11 — Split Ve…**: A split verdict was delivered regarding the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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