# 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-02660. 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-02660
- **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-c7133b7f

## 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 Ranansaria Poly Pack Pvt. Ltd, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Pramod Kumar Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several Committee of Creditors (COC) meetings were convened to consider resolution plans. Despite efforts, initial resolution plans were not approved. NCIRCLE Exim LLP submitted a resolution plan, which was eventually approved by the COC with 100% voting rights. The operational creditor raised

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## Facts

1. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Uniworld Sugars Private Limited on 29.05.2018 based on an application by the Operational Creditor, M/S Ranansaria Poly Pack Pvt. Ltd, under Section 9 of the IBC.
2. Mr. Pramod Kumar Sharma was appointed as the IRP and later confirmed as the RP.
3. Several COC meetings were held, and various resolution plans were considered.
4. NCIRCLE Exim LLP submitted a resolution plan that was approved by the COC with 100% voting share on 27th October, 2020, with the result of e-voting declared on 8th November, 2020.
5. The Operational Creditor, M/S Ranansaria Poly Pack Pvt. Ltd, objected to the approved resolution plan, citing concerns about the CIRP cost and the treatment of operational creditors, claiming

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by NCIRCLE Exim LLP meets the requirements of Section 30(2) …

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

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**Reasoning:** The Adjudicating Authority observed that the Resolution Professional had examined the

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority applied the ratio by verifying that the Resolution

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## Parties

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

## Timeline

- **2018-05-29 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against M/S Uniworld Sugars Private…
- **2018-05-29 — Appointment…**: Mr. Pramod Kumar Sharma appointed as…

## 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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