# 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-02717. 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-02717
- **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-2019-5cfb9ee1

## 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. The resolution plan was submitted by Sterile Extrusions Private Limited and approved by the Committee of Creditors (CoC) with a 100% majority. The Adjudicating Authority is considering the approval of the resolution plan.

## Facts

Oriental Bank of Commerce filed a company petition (CP(IB) No. 1204/KB/2019) against Bansal Alumex Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 25.02.2020. Bansal Alumex is the Corporate Debtor (CD) and also a corporate guarantor to Krishna Alex Pvt Ltd. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement of the CIRP was made on 28.02.2020. The RP issued invitations for Expression of Interest (EoI) on 18.09.2020. Six resolution plans were received, and the CoC found the plans received until 11.03.2021 unsatisfactory. A fresh Form G publication was done on 27.11.2021. The last date for submission of the resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Sterile Extrusions Private Limited meets the requirements …

**Ratio:** Sections 30 and 31 of the IBC outline the procedure for submission and approval of a

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**Reasoning:** The Adjudicating Authority found that the resolution plan was approved by the CoC with a

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**Interpretation:** Sections 30 and 31 of the IBC are interpreted to ensure that the resolution

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 to the

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** Bansal Alumex…
- **Advocates:** Rachna Jhunjhunwal…

## Timeline

- **2019-01-01 — Company Petiti…**: Oriental Bank of Commerce filed CP(IB) No. 1204/KB/2019 against Bansal Alumex Private…
- **2020-02-25 — Admission of…**: The company petition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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