# In the matter of Uniworld Sugars Private Limited IA No. 290-2020 in CP No.(IB) 120-ALD-2017

> NCLT judgment dated 2021-03-17. Citation: TCN-2021-NCLT-02658. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/S…

- **Court:** NCLT
- **Order date:** 17 Mar 2021
- **Citation:** TCN-2021-NCLT-02658
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uniworld-sugars-private-limited-ia-no-290-2020-in-cp-noib-120-ald-2017-101436a5

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/S Uniworld Sugars Private Limited. The CIRP was initiated on 29.05.2018 following the admission of an application filed by the Operational Creditor, M/S Ranasaria Poly Pack Pvt. Ltd, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Pramod Kumar Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts and the receipt of Expressions of Interest (EOIs), no resolution plan was initially submitted, leading to a Committee of Creditors (COC) meeting on 18th February 2019, where liquidation was approved. However, the Tribunal granted an opportunity to the suspended management to approach the

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## Facts

M/S Uniworld Sugars Private Limited faced insolvency, leading to the initiation of CIRP on 29.05.2018 following an application by M/S Ranasaria Poly Pack Pvt. Ltd, an operational creditor. Pramod Kumar Sharma was appointed as the RP. Despite initial delays and a move towards liquidation, the Tribunal granted an opportunity for resolution. M/s NCIRCLE Exim LLP submitted a resolution plan, which was approved by the COC on 27th October 2020, with 100% voting share. The operational creditor, M/S Ranasaria Poly Pack Pvt. Ltd, objected to the plan, citing concerns over CIRP costs, asset valuation, and compliance with a prior settlement agreement. The resolution applicant argued that the plan was compliant and addressed the operational creditor's concerns. The resolution plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s NCIRCLE Exim LLP meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements for a resolution plan,

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**Reasoning:** The Tribunal observed that the Resolution Professional had examined the Resolution Plan

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Tribunal applied the requirements of Section 30(2) and the CIRP Regulations

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/S RANASARIA…
- **Respondents:** M/S UNIWORLD…

## Timeline

- **2017-01-01 — Settlement Ag…**: Settlement agreement dated 13.11.2017 entered into by the promoter of the Corporate…
- **2018-05-29 — CIRP Init…**: Corporate Insolvency Resolution Process…

## 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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