# In the matter of Jeevan Polymers Private Limited

> NCLT judgment dated 2023-04-21. Citation: TCN-2023-NCLT-03688. The case pertains to IA No. 480/2023 filed by the Resolution Professional (RP) of Jeevan…

- **Court:** NCLT
- **Order date:** 21 Apr 2023
- **Citation:** TCN-2023-NCLT-03688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jeevan-polymers-private-limited-71729f16

## Summary

### Background

The case pertains to IA No. 480/2023 filed by the Resolution Professional (RP) of Jeevan Polymers Private Limited, the Corporate Debtor, under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Radiant Corporation Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by Shruti Impex Private Limited under Section 9 of the IBC. Gullapalli Kishore Babu was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and several meetings were held to negotiate and revise the resolution plans. The RP also determined a PUFE transaction and

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## Facts

Shruti Impex Private Limited filed a petition under Section 9 of the IBC, leading to the initiation of CIRP against Jeevan Polymers Private Limited. Gullapalli Kishore Babu was appointed as the IRP and later confirmed as RP. The RP constituted a CoC comprising financial creditors. Fourteen CoC meetings were conducted. Expression of Interests were received from three prospective resolution applicants: Rockwell Industries Ltd., Radiant Corporation Pvt. Ltd., and Bluesky Dealers Ltd. Radiant Corporation Pvt. Ltd.'s resolution plan was approved by the CoC with a 91.823% voting share. The total resolution plan amount was Rs.23,28,46,739/- to be distributed among various stakeholders. The RP determined a PUFE transaction and appointed forensic auditors. The RP issued a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Radiant Corporation Pvt. Ltd. meets the requirements …

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

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**Reasoning:** The Adjudicating Authority considered the submissions of the RP and the compliance of the

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Shruti…
- **Respondents:** Jeevan Polymers…; Jeevan Polymers…

## Timeline

- **2020-01-01 — CP(IB) No.260/9…**: Company Petiti…
- **2022-04-19 — Order Da…**: Order admitting the Company Petition CP(IB) No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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