# In the matter of Alkas Spinning Mills Private Limited IA(IBC)-111,866,1046(CHE)-2021 & IA(IBC)-58(CHE)-2022 along with Ivn.P.-15(CHE)-2021 in IBA-1180-2019

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00566. The case involves an application (IA(IBC)/1046(CHE)/2021) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alkas-spinning-mills-private-limited-iaibc-1118661046che-2021-iaibc-58che-2022-a-e7874907

## Summary

### Background

The case involves an application (IA(IBC)/1046(CHE)/2021) filed by the Resolution Professional (RP) seeking approval of the Resolution Plan for the Corporate Debtor, M/s. Alkas Spinning Mills Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the IBC, 2016, by an Operational Creditor. The Tribunal ordered the CIRP on 05.05.2020. The RP published a Form G inviting Expression of Interest (EoI) with a last date of 01.04.2021. KSV Cotton Mills Private Limited submitted a Resolution Plan, which was approved by the CoC. However, several applications were filed by the Suspended Directors of the Corporate Debtor objecting to the Resolution

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Alkas Spinning Mills Private Limited based on an application under Section 9 of the IBC, 2016, by an Operational Creditor. The CIRP was ordered by the Tribunal on 05.05.2020. Mr. Kannan Sambasivam was appointed as the IRP. The IRP caused paper publication on 09.05.2020. Union Bank of India submitted a claim of Rs.9,64,06,229.70/-, and the CoC was constituted with Union Bank of India as the sole Financial Creditor. The Form G inviting Expression of Interest (EoI) was published on 16.03.2021, with a last date of 01.04.2021. KSV Cotton Mills Private Limited submitted an EoI on 19.04.2021, after the expiry of the deadline. The CoC approved the Resolution Plan submitted by KSV Cotton Mills Private

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) committed a material irregularity by accepting the …

**Ratio:** Regulation 36A(6) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

…

**Reasoning:** The Tribunal observed that the EoI from KSV Cotton Mills Private Limited was received on

…

**Interpretation:** Regulation 36A(6) is interpreted strictly to ensure a fair and transparent

…

**Application:** The Tribunal applied Regulation 36A(6) to the facts of the case, concluding

…

## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…
- **Appellants:** A An…
- **Respondents:** Alkas Spinning…; Mr.M.Suresh…

## Timeline

- **2020-05-05 — CIRP Init…**: The Tribunal ordered the CIRP in…
- **2020-05-09 — Paper Publi…**: The IRP caused paper publication in…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alkas-spinning-mills-private-limited-iaibc-1118661046che-2021-iaibc-58che-2022-a-e7874907