# In the matter of K.K.Earth MIllls Pvt. Ltd. IA 33-2021 in CP (IB) No. 407-7-NCLT-AHM-2018

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04134. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kkearth-millls-pvt-ltd-ia-33-2021-in-cp-ib-no-407-7-nclt-ahm-2018-6c5479ec

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, for the approval of a resolution plan for M/s. K K Kadri Paper Mills Pvt. Ltd., the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 25.07.2019, following an application by Edelweiss Asset Reconstruction Company Ltd./Financial Creditor under Section 7 of the IBC. The applicant was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP and constituted a Committee of Creditors (CoC) consisting of Edelweiss Asset Reconstruction Company Ltd. The CoC initially sought liquidation, but the Adjudicating Authority rejected this, directing efforts to resolve

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## Facts

On 25.07.2019, M/s. Edelweiss Asset Reconstruction Company Ltd./Financial Creditor filed an application under Section 7 of the IBC, 2016, leading to the initiation of CIRP for M/s. K K Kadri Paper Mills Pvt. Ltd. The applicant was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP and constituted a Committee of Creditors (CoC) consisting of Edelweiss Asset Reconstruction Company Ltd. The CoC initially sought liquidation, but the Adjudicating Authority rejected this, directing efforts to resolve insolvency. This decision was challenged but the appeal was withdrawn. The CoC then held a second meeting on 20.08.2021. The CIRP period had completed, but the Adjudicating Authority allowed an exclusion of certain period from

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the RP complies with the requirements of Section 30(2) of …

**Ratio:** Section 30(2) of the IBC, 2016, mandates that the resolution plan must comply with

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complies with the

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**Interpretation:** Section 30(2) of the IBC, 2016, sets out the mandatory requirements that a

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**Application:** The Adjudicating Authority found that the resolution plan submitted by the RP

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Shyam Rathi RP of…
- **Respondents:** K.K. Kadri Paper…; Edelweiss Asset…

## Timeline

- **2019-07-25 — CIRP Init…**: CIRP initiated as per the application filed by Edelweiss Asset Reconstruction Company…
- **2019-08-09 — Public Announcement of…**: The IRP made a public announcement of CIRP of the Corporate Debtor and called upon the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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