# In the matter of VIL Limited C.A. 1364 (PB) - 2020 in Company Petition No. (IB)-1581 (PB)-2018

> NCLT judgment dated 2020-12-24. Citation: TCN-2020-NCLT-00016. The case pertains to an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 24 Dec 2020
- **Citation:** TCN-2020-NCLT-00016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vil-limited-ca-1364-pb-2020-in-company-petition-no-ib-1581-pb-2018-eee3bd44

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for VIL Limited. ICICI Bank Limited, a financial creditor, had initiated Corporate Insolvency Resolution Process (CIRP) against VIL Limited under Section 7 of the Code. The Company Petition (IB)-1581 (PB)/2018 was admitted on 19.03.2019, imposing a moratorium under Section 14. Mr. Vijendra Sharma was appointed as the Interim Resolution Professional (IRP). Mr. Sudershan Gupta was later appointed as the Resolution Professional (RP).

## Facts

ICICI Bank Limited initiated CIRP against VIL Limited under Section 7 of the IBC. The petition was admitted on 2019-03-19, and a moratorium was imposed. Vijendra Sharma was appointed as IRP, later replaced by Sudershan Gupta as RP. The RP appointed valuers to determine the fair and liquidation values of VIL Limited. The fair value was determined to be Rs. 4448.77 Lakhs, and the liquidation value was Rs. 2870.51 Lakhs. The RP invited EOIs, receiving them from Tirupati Build-con Private Limited, UV Asset Reconstruction Company Limited, and Aamir Ahmed and Naushad Ahmed. The CoC extended the CIRP period by 90 days. Sino Credits and Leasing Limited submitted a resolution plan, which was approved by the CoC with 100% voting share. The Resolution Applicant proposed a payout

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

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

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**Reasoning:** The Adjudicating Authority (AA) examined the Resolution Plan and found that it complied

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

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**Application:** The AA applied the provisions of Section 30(2) to the facts of the case and

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Sudershan…
- **Respondents:** VIL Lim…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2019-03-19 — Admission of Petition…**: Company Petition (IB)-1581 (PB)/2018 was…

## 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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