# In the matter of Bansal Alumex Private Limited IA(IB) 235-KB-2022 in CP(IB) No. 1204-KB-2019

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-02704. The case involves an application under Section 30(6) and Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bansal-alumex-private-limited-iaib-235-kb-2022-in-cpib-no-1204-kb-2019-59d8467f

## Summary

### Background

The case involves an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Bansal Alumex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Oriental Bank of Commerce under Section 7 of the IBC, due to defaults by Bansal Alumex, which also served as a corporate guarantor for Krishna Alex Pvt Ltd. The CIRP faced delays due to COVID-19 related lockdowns and the need for coordinated resolution with Krishna Alex Pvt Ltd. The Resolution Professional (RP) conducted multiple Committee of Creditors (CoC) meetings and issued invitations for Expression of Interest (EoI) from potential resolution applicants. After several rounds of revisions

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## Facts

Oriental Bank of Commerce initiated Corporate Insolvency Resolution Process (CIRP) against Bansal Alumex Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Bansal Alumex also acted as a corporate guarantor for Krishna Alex Pvt Ltd, which also underwent CIRP. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP was delayed due to COVID-19 lockdowns, with the exclusion period granted by the Adjudicating Authority. The RP conducted 21 CoC meetings and issued invitations for Expression of Interest (EoI). Six resolution plans were received, with five being common with Krishna Alex Pvt. Ltd. The CoC provided opportunities for applicants to revise their

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sterile Extrusions Private Limited complies with the …

**Ratio:** The Resolution Plan must comply with the mandatory requirements of Section 30(2) of the

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**Reasoning:** The NCLT reviewed the Resolution Plan to ensure that it met the statutory requirements of

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**Interpretation:** Sections 30 and 31 of the IBC outline the process for approval of a resolution

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by Sterile

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Oriental Bank of…
- **Respondents:** Bansal Alumex…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No. 1204/KB/2019 filed…
- **2020-02-25 — Admission of…**: CP (IB)No. 1400/KB/2019 admitted…

## 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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