# In the matter of Neptune Inflatables Limited IA(IBC)-624(CHE)-2022 in TP-2(CHE)-2021

> NCLT judgment dated 2022-06-27. Citation: TCN-2022-NCLT-02026. The case involves an application IA(IBC)/624(CHE)/2022 filed under Section 30(6) & 31 of the…

- **Court:** NCLT
- **Order date:** 27 Jun 2022
- **Citation:** TCN-2022-NCLT-02026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neptune-inflatables-limited-iaibc-624che-2022-in-tp-2che-2021-3a362804

## Summary

### Background

The case involves an application IA(IBC)/624(CHE)/2022 filed under Section 30(6) & 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan for the Corporate Debtor, M/s. Neptune Inflatables Limited. A winding-up petition was filed against the Corporate Debtor in the Madras High Court in 1998, which ordered the winding up of the Corporate Debtor in 1999 and appointed the Official Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 01.02.2022. The Resolution Professional (RP) was appointed, and public announcements were made. The Committee of Creditors (CoC) was constituted, and the RP placed the draft Information Memorandum, Eol, Evaluation Matrix, and Draft Form G before the

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## Facts

1. A winding-up petition was filed against Neptune Inflatables Limited by TIDCI Limited in the Madras High Court under Section 433(e) and (f) of the Companies Act, 1956.
2. The Madras High Court ordered the winding up of Neptune Inflatables Limited on 13.03.1998.
3. Company Application No. 90 of 2021 was moved by an Operational Creditor to transfer the proceedings to the NCLT.
4. The Madras High Court transferred the Company Petition to the NCLT on 13.08.2021.
5. The NCLT initiated Corporate Insolvency Resolution Process (CIRP) against Neptune Inflatables Limited on 01.02.2022.
6. The Interim Resolution Professional (IRP) made public announcements about the initiation of CIRP on 04.02.2022.
7. The Committee of Creditors (CoC) was constituted, and the first CoC meeting was

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mirra Cobalt Packaging meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the mandatory requirements that a Resolution

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and compared it with the

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**Interpretation:** Section 30(2) is interpreted to mean that the Resolution Plan must adhere to

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

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** Mudappalur…
- **Respondents:** Neptune Inflatable…

## Timeline

- **1998-03-13 — Winding up…**: Madras High Court ordered the…
- **1999-03-10 — Winding up of the…**: The winding up of the Company was ordered and the Official Liquidator of the Madras High…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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