# In the matter of CAMERICH PAPERS PRIVATE LIMITED

> NCLT judgment dated 2025-05-08. Citation: TCN-2025-NCLT-00104. The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 May 2025
- **Citation:** TCN-2025-NCLT-00104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/camerich-papers-private-limited-a3a0e21c

## Summary

### Background

The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, regarding the approval of a resolution plan for Camerich Papers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an operational creditor. Several meetings of the Committee of Creditors (CoC) were held to discuss and negotiate resolution plans. Nyssa Corporation Limited submitted a resolution plan that was initially approved by the CoC, subject to the condition of submitting a performance guarantee. The CIRP commenced on 27.02.2024.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Camerich Papers Private Limited was initiated following an application by an operational creditor. The CIRP commenced on 27.02.2024. Nyssa Corporation Limited submitted a resolution plan that was approved by the Committee of Creditors (CoC) on 21.01.2025, contingent upon the deposit of a performance guarantee of Rs. 2.50 Crores by 28.01.2025. The Resolution Professional (RP) repeatedly communicated with Nyssa Corporation Limited regarding the performance guarantee, but the SRA failed to comply, citing liquidity issues and a pending loan application. The CoC extended the deadline to 24.03.2025. The CoC resolved to forfeit the SRA's Earnest Money Deposit (EMD) of Rs. 2,75,00,000 and sought permission to issue a fresh

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Nyssa Corporation Limited can be approved under …

**Ratio:** Section 30(2) of the Code mandates that a Resolution Plan must be feasible and viable.

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**Reasoning:** The SRA's failure to deposit the Performance Guarantee, a critical condition of the CoC's

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**Interpretation:** The requirement of a performance guarantee is a crucial aspect of ensuring the

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**Application:** In this case, the SRA's failure to deposit the performance guarantee despite

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Iqbal Singh…
- **Respondents:** Camerich Papers…

## Timeline

- **2023-07-18 — IBBI Cir…**: IBBI issued circular number Liq-12011/214/2023-IBBI/840 recommending that an IP other…
- **2024-02-27 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for Camerich Papers Private…

## 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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