# In the matter of Baldva Textiles Pvt. Ltd. IA (IBC) No. 394-JPR-2022 in CP No. (IB)- 28-9-JPR-2022

> NCLT judgment dated 2022-11-09. Citation: TCN-2022-NCLT-00498. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 9 Nov 2022
- **Citation:** TCN-2022-NCLT-00498
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/baldva-textiles-pvt-ltd-ia-ibc-no-394-jpr-2022-in-cp-no-ib-28-9-jpr-2022-c143c5bd

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) read with Sections 31 and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan submitted by BMD International Pvt. Ltd. for Baldva Textiles Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 9 of the Code by an operational creditor, Mr. Ajay Jain. The RP, Mr. Rishabh Chand Lodha, convened multiple meetings of the Committee of Creditors (CoC), appointed valuers, and invited resolution plans. The resolution plan submitted by BMD International Pvt. Ltd. was approved by the CoC with a 96.91% voting share. The RP then filed the present application for

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## Facts

1. An application under Section 9 of the IBC was filed by Mr. Ajay Jain, an operational creditor, against Baldva Textiles Pvt. Ltd.
2. The National Company Law Tribunal (NCLT) admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Pvt. Ltd. on 11.11.2021.
3. Mr. Prashant Agarwal was appointed as the Interim Resolution Professional (IRP).
4. The IRP made a public announcement on 12.11.2021, inviting claims from creditors, with a deadline of 25.11.2021.
5. The IRP constituted a Committee of Creditors (CoC) on 02.12.2021, comprising five financial creditors: Punjab National Bank, HDFC Bank Limited, Axis Bank Limited, Bajaj Finance Limited, and ICICI Bank Limited.
6. The IRP appointed six registered valuers to carry out

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by BMD International Pvt. Ltd. meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority perused the records and found that the resolution plan

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

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) to the

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Rishabh Chand…
- **Respondents:** BALDVA TEXTILES…; AJAY…

## Timeline

- **2021-11-11 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Baldva Textiles…
- **2021-11-11 — Appointment…**: Mr. Prashant Agarwal was appointed as 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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