# In the matter of Nashik Forge Private Limited

> NCLT judgment dated 2024-08-02. Citation: TCN-2024-NCLT-00884. The case pertains to an Interlocutory Application (IA-47/2024) filed in Company Petition…

- **Court:** NCLT
- **Order date:** 2 Aug 2024
- **Citation:** TCN-2024-NCLT-00884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nashik-forge-private-limited-132a7f43

## Summary

### Background

The case pertains to an Interlocutory Application (IA-47/2024) filed in Company Petition (CP(IB)-469/MB/2021) under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Nashik Forge Private Limited, and CS Vaishali Patrikar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP issued a public announcement inviting claims from creditors and received claims from various financial and operational creditors. The Committee of Creditors (CoC) was constituted, and meetings were held to discuss resolution plans. Despite receiving expressions of interest and extending the deadline for submission, only one resolution plan was received. The

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nashik Forge Private Limited. Vaishali Patrikar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held. Three expressions of interest were received for resolution plans. The deadline for submitting resolution plans was extended. Only one resolution plan was received, which the RP found to meet the requirements of S.30(2) of the Code. However, the State Bank of India (SBI), a financial creditor, did not decide on the plan. The CoC rejected the resolution plan with 100% voting. Subsequently, the RP proposed

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## Issues and analysis

### Issue 1: Whether the resolution plan for Nashik …

**Ratio:** The approval of a resolution plan requires the consent of the Committee of Creditors

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**Reasoning:** The CoC rejected the resolution plan with 100% voting, indicating a lack of consensus

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**Interpretation:** The IBC emphasizes the importance of the CoC's decision in the resolution

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**Application:** Since the CoC rejected the resolution plan, the plan cannot be approved, and

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Vaishali Patrikar,…
- **Respondents:** Nashik Forge…

## Timeline

- **2021-01-01 — Filing of Company…**: C.P.(IB)-469(MB)/2021 filed under…
- **2023-04-28 — Order for CIRP…**: Tribunal order admitting the petition and initiating Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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