# In the matter of Kredo Beauty Private Limited IA. No. 611-ND-2021 in Company Petition No. (IB)- 1164 (ND)-2019

> NCLT judgment dated 2023-03-17. Citation: TCN-2023-NCLT-04210. The case pertains to IA No. 611/ND/2021 in Company Petition No. (IB)-1164(ND)/2019, filed by…

- **Court:** NCLT
- **Order date:** 17 Mar 2023
- **Citation:** TCN-2023-NCLT-04210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kredo-beauty-private-limited-ia-no-611-nd-2021-in-company-petition-no-ib-1164-nd-0bfcdb88

## Summary

### Background

The case pertains to IA No. 611/ND/2021 in Company Petition No. (IB)-1164(ND)/2019, filed by the Resolution Professional (RP) of Kredo Beauty Private Limited, seeking approval of a resolution plan submitted by Ms. Vanshika Raheja and Ms. Mridula Mangla. The Operational Creditor, M/s Punjabi Accessoriezz Private Limited, initiated Corporate Insolvency Resolution Process (CIRP) against Kredo Beauty Private Limited under Section 9 of the IBC, 2016. The application was admitted on 16.01.2020, and Mr. Ravi Bansal was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP.

## Facts

M/s. Punjabi Accessoriezz Private Limited, the Operational Creditor, filed an application (IB-1164(ND)/2019) under Section 9 of the IBC, 2016, to initiate CIRP against Kredo Beauty Private Limited, the Corporate Debtor. The application was admitted on 16.01.2020, and Mr. Ravi Bansal was appointed as IRP and later confirmed as RP. Public announcement was made on 21.01.2020. The Committee of Creditors (CoC) was constituted, comprising Crickxon Trade and Export Private Limited (70.13% voting share) and Swift Builders Limited (29.87% voting share). Vanshika Raheja and Mridula Mangla jointly submitted a Resolution Plan. The CoC approved the Resolution Plan on 12.01.2021 with 100% voting share. The Resolution Plan proposed a payment of Rs. 4.07 Lakhs against admitted claims

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (CoC) was properly constituted under the Insolvency and …

**Ratio:** Section 21(2) of the IBC, 2016, stipulates that a related party to the corporate debtor

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**Reasoning:** The Adjudicating Authority found that the two financial creditors, Crickxon Trade &

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**Interpretation:** Section 5(24)(l) of the IBC, 2016, defines a related party as any person who

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**Application:** The Adjudicating Authority determined that since the two financial creditors

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Punjabi Accessorie…
- **Respondents:** Kredo Beauty…

## Timeline

- **2019-01-01 — Application…**: M/s. Punjabi Accessoriezz Private Limited filed application No. IB-1164(ND)/2019 under…
- **2020-01-16 — Application A…**: The application was…

## 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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