# Approval of Resolution Plan - Swastik Oil Refinery Private Limited

> NCLT judgment dated 2024-04-10. Citation: TCN-2024-NCLT-01756. The case involves an application under Section 30(6) and Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 10 Apr 2024
- **Citation:** TCN-2024-NCLT-01756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-swastik-oil-refinery-private-limited-71ca13a3

## Summary

### Background

The case involves an application under Section 30(6) and Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Swastik Oil Refinery Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Meher Oil Industries Private Limited, the Operational Creditor, against Swastik Oil Refinery Private Limited, the Corporate Debtor. Initially, Mr. Vishal Shekhar was appointed as the Interim Resolution Professional, later replaced by the current applicant, Mr. Tapan Chakraborty. The Committee of Creditors (CoC), with Union Bank of India

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## Facts

Meher Oil Industries Private Limited, an Operational Creditor, filed a Company Petition (C.P. (IB) No. 119/KB/2021) against Swastik Oil Refinery Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The petition was admitted on March 15, 2022. Mr. Vishal Shekhar was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Tapan Chakraborty. The Committee of Creditors (CoC) was constituted with Union Bank of India as the sole member. The IRP made public announcements on March 18, 2022, inviting claims from creditors. The last date for submission of claims was March 29, 2022. Five resolution plans were received from Ambo Agritec Pvt. Ltd., Uma Exports Ltd., Krishna Wax Pvt. Ltd., Pratishtha

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Uma Exports Limited meets the requirements of Section 30 …

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

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**Reasoning:** The NCLT reviewed the Resolution Plan to ensure it complied with the mandatory

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to mean that a resolution plan

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**Application:** The NCLT found that the Resolution Plan submitted by Uma Exports Limited met

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Meher Oil…
- **Respondents:** Swastik Oil…

## Timeline

- **2021-01-01 — Initiation…**: Company Petition (C.P. (IB) No. 119/KB/2021) filed by Meher Oil Industries Private…
- **2022-03-15 — Admission of…**: The petition was admitted, initiating the…

## 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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