# In the matter of NIBULA PRINT AND PACK PRIVATE LIMITED

> NCLT judgment dated 2024-04-22. Citation: TCN-2024-NCLT-01648. The case involves the corporate insolvency resolution process (CIRP) of Nibula Print & Pack…

- **Court:** NCLT
- **Order date:** 22 Apr 2024
- **Citation:** TCN-2024-NCLT-01648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nibula-print-and-pack-private-limited-4605e84a

## Summary

### Background

The case involves the corporate insolvency resolution process (CIRP) of Nibula Print & Pack Pvt. Ltd. initiated by R.J. Packwells Pvt. Ltd. The resolution professional (RP), Ashok Kriplani, filed IA No. 1512 of 2019 seeking approval of a resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) approved a resolution plan submitted by Vinay Goel & Consortium of Members. HDFC Bank, a dissenting financial creditor, filed IA-1684 of 2019 objecting to the resolution plan, arguing it did not adequately protect their interests as per Section 30(2)(b) of the IBC. The CIRP timeline was extended due to amendments in the IBC. The RP received multiple resolution plans, some of which were rejected by the CoC. The

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## Facts

R.J. Packwells Pvt. Ltd. initiated CIRP against Nibula Print & Pack Pvt. Ltd. Ashok Kriplani was appointed as the Resolution Professional (RP). The RP filed IA No. 1512 of 2019 seeking approval of a resolution plan. The Committee of Creditors (CoC) approved a resolution plan submitted by Vinay Goel & Consortium of Members with 77.91% voting share. HDFC Bank, a dissenting financial creditor, filed IA-1684 of 2019 objecting to the resolution plan. HDFC Bank claimed that the resolution plan did not provide for priority payment as required by Section 30(2)(b) of the IBC and that they were entitled to a minimum of Rs. 1.61 Crore. The RP argued that the amended Regulation 38(1), which mandates priority payment to dissenting financial creditors, was not retrospective

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## Issues and analysis

### Issue 1: Whether the proposed Resolution Plan violates Regulation 38(1) of the IBBI (Insolvency Resolution …

**Ratio:** Regulation 38(1) mandates that operational creditors and dissenting financial creditors

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**Reasoning:** The court examined the press release issued by the Ministry of Corporate Affairs (MCA)

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**Interpretation:** The court interpreted Regulation 38(1) as not having retrospective effect,

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**Application:** Since the resolution plan in this case was approved by the CoC on 09.11.2019,

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** R.J. PACKWELLS…
- **Respondents:** Nibula Print &…

## Timeline

- **2018-12-11 — Initiation…**: Date of Initiation of Corporate Insolvency Resolution Process (CIRP) for Nibula Print &…
- **2018-12-17 — Appointment…**: Date of Appointment of Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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