# In the matter of Modern Syntex (India) Limited

> NCLT judgment dated 2024-03-12. Citation: TCN-2024-NCLT-02100. The case involves an application filed by Mr. Niraj Rathore, the erstwhile director of Modern…

- **Court:** NCLT
- **Order date:** 12 Mar 2024
- **Citation:** TCN-2024-NCLT-02100
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/modern-syntex-india-limited-c1d8e5b4

## Summary

### Background

The case involves an application filed by Mr. Niraj Rathore, the erstwhile director of Modern Syntex (India) Limited, objecting to the resolution plan approved by the Committee of Creditors (CoC). The main application, CP No. (IB)-39(PB)/2018, was filed by the Financial Creditor, The Administrator of Specified Undertaking of Unit Trust of India & Anr., under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against Modern Syntex (India) Limited. The CIRP was initiated on 28.03.2022, and Mr. Partha Sarathy Sarkar was appointed as the Insolvency Resolution Professional (IRP). Later, Mr. Ankit Goel replaced him as the Resolution Professional (RP) on 27.09.2023. The applicant raised objections to the

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## Facts

The Administrator of Specified Undertaking of Unit Trust of India & Anr. initiated Corporate Insolvency Resolution Process (CIRP) against Modern Syntex (India) Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Niraj Rathore, the erstwhile director of Modern Syntex (India) Limited, filed an application objecting to the resolution plan approved by the Committee of Creditors (CoC). The objections included concerns about the delisting of the Corporate Debtor, inadequate payment of dues to Employees Provident Fund (EPF) and Central Goods and Service Tax (CGST), and the change in the nature of the Corporate Debtor's business. The resolution plan proposed a payment of Rs. 1,00,000/- against admitted EPF dues amounting to Rs. 1,21,160/- and a payment

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code …

**Ratio:** The Resolution Plan must adhere to the provisions of the IBC and comply with the

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**Reasoning:** The court considered the submissions of both parties and examined the relevant provisions

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**Interpretation:** This issue requires interpreting the IBC provisions and relevant Supreme Court

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**Application:** The court applied the provisions of the IBC and relevant Supreme Court rulings

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Niraj Ra…
- **Respondents:** Modern Syntex…; Ankit…

## Timeline

- **2018-01-01 — Main Applicati…**: The main application numbered as CP No. (IB)- 39(PB)/2018 was filed by the Financial…
- **2022-03-28 — CIRP Init…**: The Adjudicating Authority admitted the application and initiated the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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